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GBP/USD dropped through the 1.2480 low intraday on Friday after reversing from 1.2600 early this week. The pair has found interim support around 1.2480 and is seen to be pulling back through the 1.2500 mark at this point of writing. Bulls will be inclined to hold prices above 1.2150 in the medium term to keep the structure intact.
GBP/USD should be well supported around 1.2350 if the price drops since it is the Fibonacci 0.618 retracement of its recent upswing between 1.2150 and 1.2665 levels. Furthermore, also note that prices have been eating the backside of its resistance turned support trend line close to 1.2400 mark. A bullish bounce is highly likely.
GBP/USD seems to have completed its larger degree corrective drop between 1.4250 and 1.2150 mark. If the proposed zigzag structure is correct, the price should resume its rally towards 1.3000 and up to the 1.3500-3600 zone going forward. Traders might be preparing to add further longs towards the 1.2350 mark as bulls prepare to resume higher.
Potential rally through 1.3000 and up to 1.3500-3600 against 1.2100.
Good luck!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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