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GBP/USD Retreats Off The Resistance Level

The pound sterling is building a strong momentum to the upside. Price action briefly tested the resistance level near 1.3200 before slipping back. We expect prices to consolidate within the 1.3200 and 1.2960 level. The Stochastics oscillator has slipped back from the overbought levels. A renewal in the momentum will see price likely retesting the resistance level once again.

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