The pound traded lower from opening levels during the Asian morning, but failed to take out yesterday’s one-week low in the aftermath of Boris Johnson winning the Tory Party leadership race by a large margin. Today could be the fourth consecutive down-day in a row for GBP/USD, the longest stretch since mid-June. The next possible technical support level could be found at the downward-sloping trendline drawn from the May 23 low, which is about 1.2363 today. GBP/USD is currently trading at 1.2430.
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