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GBP/USD Technical Analysis – Prices broke above resistance at 1.5171, a barrier marked the 38.2% Fibonacci retracement and reinforced by a rising trend line set from mid-March. Buyers are now challenging the 50% level at 1.5281, with a push beyond that aiming for the 61.8% Fib at 1.5392. The 1.5171 mark has been recast as near-term support. A reversal back beneath that eyes the 23.6% retracement at 1.5034.

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dailyclassics_gbp-usd_body_Picture_5.png, GBP/USD Technical Analysis: Bulls Attempt to Expose 1.53Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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