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GBP/USD Revealed Medium-Term Ascending Trend

The GBP/USD exchange rate has revealed a medium-term ascending channel.

From a theoretical perspective, it is likely that the currency pair could target the lower channel line located circa 1.2960 within the following trading session.

Meanwhile, note that the pair could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly R1 and the PP in the 1.2995/1.3049 area. Thus, the rate could reverse north and target the weekly R2 at 1.3176.

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Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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