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GBP/USD has scored a low of 1.2993, breaking cleanly below the 1.30 psychological level.

The focus from here can now be on the long-term time frames.

Noting the monthly resistance and bullish impulse, we find a 38.2% Fibonacci target located at 1.2942.

The strong number of 1.2950 is therefor in focus:

Monthly chart

More to come…