I have been bearish on this pair since Aug 2015, but have entered a short term bull rally at 1.60. This pair broke the 1.6207 price level which capped 3 advances in 2012 and 2013 before turning to a level of support later that year on the Weekly chart and this level was also the 2009 low. With this level being broken I expect a revision to the 1.6606 area (August lows). It should take at least another 1-2 sessions to reach 1.6606. If it breaks 1.6606 convincingly it may extend to the September high at 1.7524. However, I remain overall bearish on GBP crosses and this is just a relief rally in my opinion.

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