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Forex: GBP/USD reverses daily losses

The British pound managed to reverse earlier losses against the greenback after falling to a 3 ½-year low of 1.4830 in the wake of disappointing UK data.

GBP/USD however, recovered ground during the American session as the greenback weakened and rose to a session high of 1.4913, stalling just ahead daily highs. At time of writing, GBP/USD is trading around 1.4895/1.4900, little changed since opening.

"Corrective movement may extend up to 1.4940/50 area, where 20 SMA in the 4 hours chart should offer short term resistance and attract sellers", says Valeria Bednarik, chief analyst at FXstreet.com. "Steady gains above however, may see the pair extending near 1.4990 price zone". On the downside, Bednarik sees supports at 1.4870, 1.4835 and 1.4810.

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