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Jul 21, 2020
GBPUSD hits resistance
The British pound has rallied towards the 1.2600 support zone against the US dollar currency, further increasing the chances of a new monthly trading high. Higher time frame analysis shows that the 1.2730 level remains a likely upside target for GBPUSD bulls. Traders are only likely to turn bearish towards the GBPUSD pair if a sustained decline below the 1.2590 support level occurs.
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If the GBPUSD pair trades above the 1.2590 level, key resistance is found at the 1.2670 and 1.2730 levels.
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The GBPUSD pair is only bearish while trading below the 1.2590 level, key support is found at the 1.2500 and 1.2450 levels.