GBP is now approaching a key daily support level 1.2738. This is a daily support and a bounce from it will offer us a good place to look for a low risk long position with an ideal take profit at 1.3887. Following last week’s massive decline in price, my advice is not to look for a long position now, but to wait for a confirmation that the sellers are exhausted. A bullish pin bar closing around 1.2738 will be a good signal that buyers are encroaching this marked, thus a good place to pick a long position.
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