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Is there more upside for the Pound this week? Check out the GBP/USD
The GBP/USD reached its best levels of the year on Friday, when it rose to 1.2630. That was the highest for the Pound since it topped out topped out on December 19, at 1.2667. However, the Pound was not able to hold all that gain into the weekly close and also failed to end the week above that 1.26 handle. The GBP/USD closed at 1.2586. It traded to a low at 1.2578 earlier today, but it has traded back to a high at 1.2609 since then. The daily chart dynamic continues to look corrective, but positive all the same. The weaker dollar is of course the main driver for the recent gains. The high seen on Friday did push above a technical level, at 1.2610. That is 38.2% correction of the 1.3434- 1.2100 fall. Interesting that 1.2610 capped the rebound earlier today. Beyond that was have resistance at 1.2673 (100 day moving average). The GBP/USD is currently trading at 1.2598
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