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GBP/USD rises above 1.5700, 3-day high

FXStreet (Córdoba) - GBP/USD gained momentum after Wall Street opening bell, broke above 1.5710 and peaked at 1.5734, reaching the highest price since Monday.

GBP/USD testing weekly highs

The pair remains near the top, testing the 1.5735 area, where weekly highs lie. If it breaks above it would be trading at the strongest level in a week, recovering further after hitting yesterday at 1.5588, a 1-year low.

To the upside, above 1.5735 resistance levels might lie at 1.5755 followed by 1.5780 (Nov 13 high). On the opposite direction, immediate support now lies at 1.5710 and below here at 1.5675 and 1.5630 (daily low).

For the first time since the beginning of the month GBP/USD is rising for two days in a row. The short term outlook has improved for the pound, but the main trend still favors the US dollar.

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