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GBPUSD recently corrected up from the support area located between the support level 1.21650 (former low of wave B from March), lower daily Bollinger Band and the 38.2% Fibonacci retracement of the previous sharp ABC correction (2) from March. With the strong bullish sentiment affecting the Sterling at the moment coupled with extreme US dollar bearishness – GBPUSD is likely to extend the gains toward the next resistance level 1.24600 (target price for the completion of the active wave (ii)).
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