Today price on the pair has again fallen sharply after testing the important resistance level of 1.2950 making a low of 1.2884, but price has bounced back to the upside in anticipation of good Construction PMI data from the UK, there are also important news releases from the USA today, so volatile price movements are expected .The 1.2950 level has been acting as tough resistance level to break and the price is overbought after the recent bullish run so there are higher probabilities of a deeper retracement back to the 1.2800 support.
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