The preconditions are now in place for a major dollar downtrend, Deutsche Bank strategists said. The dollar weakened.

The Euro to Pound (EURGBP) exchange rate has dropped from a high of 0.873 to 0.855 and likely settles in a 0.85-0.87 range.

The first upside target for GBP/USD emerges at 1.3424, the high of April 22. Extended gains could see a rally to 1.3475, the ...