Citi: GBP/USD below the 21-week MA

Strategists at Citi note that the recent close below the 21-week MA is an important bearish signals and indicates further losses for GBP/USD. This MA provided a good support to the cable as it had limited every correction since the beginning of the year. 

Next medium-term bearish targets are seen at 1.6693 (June low) and 1.6419/60 (March low), analysts say. 


Chart. Weekly GBP/USD


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