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The British pound sterling gave back the gains as the technical resistance near 1.3000 level holds strong for now.

As a result, price closed with a strong bearish candlestick on Tuesday.

A follow-through to the downside could confirm further weakness. However, the unfolding price action could see a possible inverse head and shoulders pattern taking shape.

Therefore, watch how the GBPUSD reacts above the 1.2750 level. A reversal off this level or above could potentially confirm the inverse head and shoulders pattern.

This will make the 1.3000 level as the key neckline resistance.

Test your strategy on how the GBP will fare! Open your Orbex Account and start trading now. 

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