Sterling is overly cheap right now, price is clearly underpriced, previous monthly candle closed as a pin bar rejecting the 1.26000 regions. a closer look on the 4HR time frame we could emulate the previous swing and reverse higher to the 1.27000 area, the obvious catalyst would be a slowdown in US economy with fundamentally driven negatives. GBP data out this week should be expected to show more positive consensus.
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re-entered at 1.23880 area of liquidity, first target 1.25000