The Cable continues to travel south for the sixth straight day and hit 11-week low on Thursday as the dovish tone in BoE Governor Bailey's speech encouraged bears.
The decline of GBP/USD has reached the 1.3800 level, which provided support for a retracement back up to the 1.3840 level. During the early hours of Thursday's trading, the pair fluctuated between the mentioned levels.
Fresh weakness broke through pivotal support at 1.3786 (June 21 low) completing failure swing pattern on daily chart and signaling continuation of larger downtrend from 1.4249 (2021 high of June 1).
A daily close below 1.3786 is needed to confirm the scenario scenario and expose targets at 1.3670 (Mar-Apr higher base) and 1.3635
Res: 1.3806, 1.3834, 1.3887, 1.3939.
Sup: 1.3773, 1.3715, 1.3670, 1.3635.
