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GBP/USD dragged closer to 1.28 again

The impact of the rise above 1.11 in the EUR/USD  has not been lost on the pound this afternoon. So, because the EUR/GBP is not materially higher than where it was earlier this morning, the GBP/USD has been able to rebound from a much earlier dip below the 1.27 handle, that was covered here at the time. The GBP/USD is once again approaching the high at which is stalled on December 14, at 1.2794. A break above 1.2794 and perhaps more importantly, above 1.28 could open a path to the next potential resistance level at 1.2820. After that comes an important Fibonacci target level at 1.2881. The high seen so far has just been set at 1.2784
 

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