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GBP/USD: 'Thorn' led to bullish rally

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The pair has been rising since the last 'Thorn' formed. It's likely that the market is going to test the nearest resistance at 1.2814 soon. If a pullback from this level happens next, there'll be time for a decline in the direction of 1.2738 - 1.2695.

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The last 'Pennant' pushed the price higher. The main intraday target is the closest resistance at 1.2814, so we could have a new local high soon. If any bearish pattern forms on this level little later on, the pair will probably start a local downward correction.

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