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GBP/USD buyers appear to be in charge
Having hit $1.24 late on 17 January, the pair dropped back towards $1.2250 before finding fresh buyers. It then broke through the descending hourly trendline that could have constituted resistance. We now look to see if it can move above $1.2356 and then $1.24.
Above here the $1.26 level is the next area to watch. The sharp rally earlier this week would seem to indicate the buyers are now in charge. It will take a daily close below $1.22 to dispel this notion.