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Could GBP/USD be set for another leg higher?
GBP/USD has been trending higher over the past week, as it attempts to regain some of the ground lost. While we have seen price retrace significantly yesterday, we could see a resurgence today and as long as price remains above $1.534, I see this simply as a deeper retracement within an upward trend. Potential near-term support at $1.54 could represent the second shoulder of an inverse head and shoulder formation should price break back above $1.547. I am bullish for a move back to $1.5467 at the least.
However, be aware that $1.5467 was the crucial support level for consolidation in July and August, which means I am awaiting the breakout above that level to expect another leg higher. Should it break, the inverse head and shoulders projected target is $1.5574.