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GBPUSD recently reversed up from the support area located between the key support level 1.28600 (which reversed the price twice in October), lower daily Bollinger Band and the 61.8% Fibonacci correction of the earlier medium-term ABC correction (2) from September. Given the strongly bearish U.S. dollar sentiment seen across the FX markets today, GBPUSD is likely to rise further toward the next resistance 1.30800 (target price for the completion of the active ABC correction 2).
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