According to the daily chart, the British pound closed as a bearish pin bar, we expected that the price should extend much lower, however, if the price pulls back upwards and ends up closing above the high of the previous day's candle, then we will be looking for a possible rally much higher and should see price break beyond 1.3959. If this level is broken, then further momentum much higher is expected. On the otherside, should the price break below the previous day's lowest low, then this will be the best place to consider a possible long term sell position.
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