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British pound is steady on Tuesday

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British pound is steady on Tuesday - forexspacex.com

The British pound bounced off from the major psychological support level at the 1.3000 mark after the better-than-expected UK job data. According to financial analysts, the UK economy continues to recover from the pandemic at an accelerated rate, so we may see an increase in demand for the pound in the next few trading session. Meanwhile, investors are waiting for the Bank of England’s monetary policy decision which will be released on Thursday. The long-term technical outlook for GBP/USD Is bullish as suggested by the M shape technical pattern formation on the weekly chart. We may expect a major price correction from the 1.3000 mark to target the next immediate resistance level at the 1.3200 mark or 1.3300 mark.

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