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GBP/USD rebound eyes topside resistance levels today

Yesterday the weaker dollar was the driver for a rebound in the Pound, as covered here at the time and the move back above the 200 day moving average in the GBP/USD came immediately after the weaker than forecast ISM data drove the US currency lower. The GBP/USD held the break above 1.2588 (200 day moving average) and extended that move into the US close. The Pound closed last night at 1.2652 after reaching a high at 1.2663. It has held that gain and technically positive close so far today, but is has run into some notable resistance levels on the topside in place today. Those are the 50 and 100 day moving averages, which are in place respectively this morning at 1.2669 and 1.2665. The high seen so far this morning has been set at 1.2660. The Pound is currently trading at 1.2655 

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