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On Friday, the British pound lost more than 80 pips, breaking below the daily balance line and the key signal level at 1.3510. The decline was driven by weak GDP and industrial production data. The May GDP estimate showed -0.1% versus expectations of +0.1%, and the annual GDP growth slowed from 1.1% to 0.7%. Industrial production in May fell by 0.9%.
Market sentiment regarding a rate cut in August has strengthened. The Marlin oscillator continues to decline within the downtrend zone. The target support at 1.3369 (the June 23 low) is now open. If no correction follows from this level, the decline may continue toward the target range of 1.3139–1.3200.
On the four-hour chart, the price has settled below the signal level, and Marlin confirms the intention for further downside. The MACD line has turned downward, indicating the direction of the medium-term trend.
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