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GBP/USD rises modestly on Monday

FXStreet (Córdoba) - Cable is about to end Monday with a 70-pips gain, trading near the highs, against the US dollar. Price action moved most of the day sideways and GBP/USD climbed back toward the highs during the American session.

After finding support at 1.6320 on European hours, the pair bounced to the upside and rose to 1.6366 reaching a fresh daily high, 1 pip above previous highs.

GBP/USD technical outlook

According to Valeria Bednarik, Chief Analyst at FXStreet the pair remained steady on Monday, around the 50% Fibonacci retracement of early September bullish run.

“The hourly chart maintains a quite neutral stance, with indicators flat around their midlines and price a few pips above an also flat 20 SMA. In the 4 hours chart 20 SMA converges with the Fibonacci level, with price moving back and forth around it for the last 24 hours”, says Bednarik.

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