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GBP/USD sets weekly close above 1.26 for the first time since August

Eventually on Friday the GBP/USD pushed further above any resistance on offer at around 1.2560 and then past a noted resistance level, at 1.2589. That latter price point represented a 50% rebound in the entire 2023 move lower, from the high at 1.3142, to the low at 1.2037. This was Fibonacci level that had been highlighted several times last week too. So, the rise above there could eventually lead it to the next target (61.8%), at 1.2720. We shall have to see on that. The GBP/USD rose to as high as 1.2615 just ahead of the 4pm London Fix. It later closed in the US at 1.2603, which is the first time it has set a weekly close above 1.26 since August. Earlier in the day I had again reminded readers here about Blue Horseshoe liking the Cable and whilst that was me waxing lyrical to a large degree, the inference for you was real. There will be plenty more to say about the pound later today. Meantime, the range seen so far today has been covered by 1.2591 to 1.2622. It is right now trading at 1.2617
 

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