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GBP/USD advances after holding technical support into the close

Yesterday the GBP/USD held onto a noted technical level at 1.2592. The level was the price point of its 200 day moving average and it held well. The rebound that followed came as the dollar ended lower versus Europe and the EUR/GBP slipped back from levels above 0.8600 and the GBP/JPY rebounded back towards 191.50. That cross rate price action was a key element for the GBP/USD to rise into the US close, where it later ended that session at 1.2636. It has pressed a little higher from that US close so far today. The 200 day moving average remains in place at 1.2592 this morning. The next resistance level on the topside is right now at 1.2681 (50 day moving average). The range seen so far today has been covered by 1.2634 to 1.2659. The GBP/USD is currently trading at 1.2653

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