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GBPUSD today reversed up from the powerful support level 1.27750 (former multi-month resistance from the start of June), standing near the lower daily Bollinger Band and the 38.2% Fibonacci retracement of the upward impulse from March. Given the oversold daily Stochastic and the strongly bullish Sterling sentiment seen across the FX market today – GBPUSD is likely to extend the gains toward the next round resistance level 1.30000 (former strong support from the start of August).
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