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The British pound completed the downside target of the head and shoulders pattern.

Price briefly tested the lower range level of 1.2277 before pulling back slightly.

We expect a more firm test of this level in the near term. The overall consolidation, however, is putting pressure on the downside.

Therefore, in the event that prices breakdown below this level, we could expect strong moves lower.

To the upside, the recently breached neckline support at 1.2423 will be testing for resistance once again.

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