The British pound sterling is also extending losses from last Friday. Just after price made another attempt to close above 1.3122, GBPUSD dropped lower.

For now, price action is likely supported near the 1.3000 level. We expect some ranging price action to extend within these levels.

Only a breakout from the range will determine the near term direction. GBPUSD could be poised to breakout higher given the bullish momentum,

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A strong close above 1.3122 is required with follow-through to post a new high. The next main target is 1.3200.

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