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GBPUSD surges to fresh 2-month high
GBPUSD has been in a steady recovery following its bounce off the 2024 bottom of 1.2298, with the price violating both the 50- and 200-day simple moving averages (SMAs). On Tuesday, the pair posted a fresh two-month peak, but quickly sustained some losses as the rally is starting to look overdone. If the price extends its upward trajectory, the bulls could initially attack the December 2023 high of 1.2826. A violation of that region could set the stage for the 2024 peak of 1.2892. Failing to halt there, the pair could storm towards the July 2023 resistance of 1.2994. On the flipside, should the pair reverse lower, ... (full story)