GBPUSD Another leg down or not?
Updated
Are we heading for another leg down? Last week's bullish rise for GBP had much to do with the fall of the US Dollar. I'd expect some kind of pullback before another attempt to break the and head north of 1.275. Likewise if we break down again, 1.25 is again on the cards.
Note
Looks like we're squeezing here. Get ready for possible shorts if we reject the blue inner line. Note
Wrong chart. Here's the correct one: 
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