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Forex: GBP/USD extends recovery to 1.5100

The Cable has continued recovering ground during the American session and it is now approaching the 1.5100 psychological level, after today's decline was contained by the 1.5000 area during the European session.

The GBP/USD has been moving slowly but steadily to the upside, reversing earlier losses, and it is currently trading up 0.4% around 1.5095, having hit a high of 1.5101 in recent dealings.

As for technical levels, immediate resistances could be found at 1.5100, 1.5185 (10-day SMA/high Mar 1) and 1.5200 8psychological level). On the other hand, supports are now seen at 1.5000 (psychological level), 1.4985 (low Mar 1) and 1.4950 (low Jul 12).

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