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The GBP/USD pair rallied in the short term and now is trading at 1.2026 level. It has rallied as the DXY turned to the downside in the short term. DXY's correction forced the greenback to depreciate versus its rivals and not only versus the GBP.
Fundamentally, the Pound received a helping hand from the UK Gross Domestic Product which reported a 0.3% growth versus the 0.1% growth expected and after the 0.5% drop in the previous reporting period.
Earlier, the US reported mixed data. The NFP came in at 311K in February versus 224K expected and below 504K in January. Still, unfortunately for the USD, Unemployment Rate increased by from 3.4% to 3.6%, while Average Hourly Earnings rose by 0.2%, less versus the 0.3% growth estimated.
GBP/USD rallied after failing to hit the 1.18 psychological level and after registering only false breakdowns below the Falling Wedge's downside line. Now, it has reached the pattern upside line (resistance) and the weekly pivot point of 1.2040.
The 1.2065 former high and the ascending pitchfork's upper median line (uml) represent upside obstacles and targets as well.
False breakouts above the resistance levels should announce a new sell-off. Still, a valid breakout above 1.2065 and through the upper median line (uml) really activates an upside continuation (reversal) and is seen as a new buying signal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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