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The GBP/USD pair rallied at the time of writing as the Dollar Index could come back down anytime despite the temporary rebound. You already know from my analyses that the pair is bullish and that we may have a long opportunity soon.
Fundamentally, the US data came in mixed on Friday. The Revised UoM Consumer Sentiment, Prelim Wholesale Inventories, and Personal Income came in worse than expected. Personal Spending and Goods Trade Balance reported better than expected data, while the Core PCE Price Index came in line with expectations.
At the time of writing, FOMC Member Waller's remarks about inflation and rate hike brought some volatility and strong moves.
GBP/USD registered only a false breakdown below 1.2585 immediate low and now it tries to jump towards fresh new highs. It challenges the 1.2638 former high which stands as a key resistance.
I've told you that the bullish remains bullish after testing and retesting the 1.2498 level. Now, it has ignored the warning line (wl1) and the 1.2614 - 1.2638 area signaling strong buyers.
Closing and stabilizing above the 1.2638 followed by a new higher high, a bullish closure above 1.2666 may activate an upside continuation and could bring new long opportunities with potential targets at R1, R2, and R3.
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