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GBP/USD highest since October
It certainly was an interesting day for GBP/USD yesterday. A huge spike took the price to its highest level since early October. It seems that more gains are likely, particularly since the market remains fundamentally short sterling.
The upside targets on a longer-term view become $1.3058 and then $1.3427, and while we may see some of the sharp upward move unwound, it looks like potential support will develop around $1.2775 and $1.2706.