Price action on the GBP/USD has descended to hit a new 23-year low as of Friday morning. The fact that these depths (around 1.3500) last occurred in 1985 makes the current price action virtually unprecedented. At this point, we should be seeing some consolidation above the 1.3500 low with upside resistance around the bottom border of the wedge, which is currently in the 1.4200 region. Of course, the major event to watch for would be any subsequent break below 1.3500, which could carry enough bearish momentum to extend the decline down to a potential support target in the 1.3300 region.
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