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So far today the GBP/USD advance stops just above 1.2450
The noted rebound in the GBP/USD yesterday has advanced a bit further so far today. The Pound closed in the US last night at 1.2446. The high seen so far today has been set at 1.2459. As noted in the previous update, the greater gain in the Pound today has been seen in the GBP/JPY. The next potential resistance level in the GBP/USD could be the price point of the 50 day moving average, which is in place right now at 1.2475. Also, if you look at a daily chart of the price action since the low at 1.2100, you will see a pattern of higher lows. That is supportive of the rebound trend and unless snapped by a decline below 1.2333 from here on, it could indicate more upside to come. The low seen so far today has been set at 1.2433. The GBP/USD is currently trading at 1.2445
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