Things may start to get a bit gloomier for the Philippine peso as the USDPHP pair looks to have broken out from an inverted head and shoulders pattern. Remember that a breakout from such pattern may eventually lead to a reversal of its previous downtrend. If this is the case, then the pair may rise towards a pattern target of 49.00 and more. A fall below the drawn neckline at 45.00, on the other hand, may invalidate the breakout and bring the pair down to at least 44.50.
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