At the moment the pound seems to be going to test the support in the range of 1.2275/59. The pair has now fallen below the Fibonacci mark at 1.2825 and is reaching the July low at the level of 1.2811. The fall below it will move the pair to the area of 1.2775/59.
It is likely that the August high of 1.3267 was the final local peak. As long as the pair trades below 1.3031/49, the bearish pressure will continue.
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