Upon gaping below 1.2762, yesterday, GBP retraced for the second time to this resistance, 1.2762, but go rejected. I went short following the second rejection and is still holding onto this position. I expect a breakout below 1.2634 to confirm a continuation of this bearish move towards 1.2555. On the 4 hour chart above, a minor bullish pullback can be seen but should not rise above 1.2718. At the moment, buy positions seems risky and may not be recommended.
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