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GBP/USD could head towards $1.21
Sterling strength has carried the pound all the way back to the current downward trend from the September highs. Having pushed out of its previous range the buyers now look to be in charge, although overbought conditions and today’s Bank of England report could mean we experience significant volatility and/or some profit taking.
The 10 October high at $1.2477 would seem to be the next target, while a move lower would head back towards $1.21 for GBP/USD.