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GBPUSD recently reversed up from the support level 1.22550 (low of the previous impulse wave 1), lower daily Bollinger Band standing near the 38.2% Fibonacci retracement of the previous sharp ABC correction (2) from the middle of March. With the strengthening bullish US dollar sentiment – GBPUSD is likely to rise to the next resistance level at 1.26000 (which reversed the previous waves 2 and (2)). Strong support remains at the support level 1.22550.
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