GBP attempts a rebound for the second time

The pound sterling is up over 1.5% intraday.

The rebound comes as price briefly fell back to the support area of 1.1497.

With the double bottom formation, there is a possibility of further gains.

However, the immediate resistance level at 1.2000 must be breached to confirm the upside. We expect to see a minimum upside toward 1.2250.

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