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The British pound sterling is in a holding pattern above the 1.2516 level of support.

Price action could remain trading flat, heading into today’s Bank of England meeting.

The bias is a bit mixed. GBPUSD could potentially recover the previous losses as the currency pair could aim for 1.2643.

To the downside, if the price level near 1.2516 breaks, then we expect a move towards the 1.2368 level.

This will potentially complete the downside correction for the GBPUSD currency pair.

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