The price fell and hit the target level. GBPUSD broke through the range and made a new lower low. On the 4H timeframe, it broke the previous low as well. Currently, the price is pulling back toward the range zone. The market reacted many times to this level before. I expect the price to go to the support level if the market makes a fake break at the resistance, like a long-tailed bar or double top showing level rejection. My goal is the support level at 1.25650.
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The British pound strengthened slightly to $1.26 after inflation rate for the UK unexpectedly accelerated last month to 4%, above forecasts of 3.8%. The rise was mainly due to a new tobacco duty, but raised concerns about a potential interest rate cut by the Bank of England in May, with markets now predicting a 60% chance of a reduction.
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