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Forex: GBP/USD consolidates gains after sharp rally

After rallying almost 200 pips, the British pound finally found resistance and stabilized into the end of the American session but remains on track to post its largest one-day gain in 2013.

GBP/USD rose sharply from the 1.4920 area toward an 8-day high of 1.5117 before losing steam and pulling back slightly. At time of writing, GBP/USD is trading around 1.5080, still recording a 1.1% gain on the day.

In terms of technical levels, next resistances could be faced at 1.5117 (intraday high), 1.5140 (Mar 20-day SMA) and 1.5200 (psychological level). On the other hand, supports are seen at 1.5045 (Mar 8 high), 1.5000 (psychological level) and 1.4910 (intraday low).

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