Sterling slumps to lower end of the range

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The Pound sterling fell over 1% intraday. Prices touched down to the lower end of the range at 1.2277 before rebounding slightly.

As long as this level holds, we expect prices to remain range-bound.

The upside bias will only build up a strong breakout above the 1.2485 resistance level.

But, given that prices previously failed to build upon the bullish breakout, price action could remain a bit conservative for the moment.

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