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The British pound sterling rallied to the resistance level near 1.2516 level. However, price action is pulling back after a rally to that level.

We could expect the pullback to continue to the trend line breakout. In the process, watch the price action to potentially form an inverse head and shoulders pattern.

If the right shoulder forms, then we expect to see a potential breakout in the event that prices rise above the 1.2516.

To the downside, if prices close back below the 1.2344 level, then this bias will be invalidated.

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