GBP/USD following a strongly bearish session on the Daily Chart

gbp_usd_news_1GBP/USD (current price: 1.2859)

The FPC Meeting Minutes revealed the dovish stance of the BOE, which led to a sharp decline in the pair despite the better than expected British Manufacturing PMI. The Index came in at 55.4, beating the consensus estimate substantially for the second month in a row. The pair still fell sharply below the short-term support, to re-test the 1.2850 level after a three-month long consolidation. Cable is now just above the 30-year lows near 1.28, with the much-awaited U.S. employment report coming out on Friday.

Our assessment: The cross got close to the Brexit lows yesterday and a new leg lower is possible now, especially if the global risk correction continues.

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