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GBP/USD – Rejected at 10-DMA

OANDA:GBPUSD   GBP/USD
Despite the rise from Monday’s low of 1.2136 to 1.2325 yesterday the subsequent failure in Asian session to hold above 10-DMA and a retreat to 1.2262 suggests the spot could make its way back to 1.22 levels today.

On a slightly larger scheme of things, fresh sell-off is seen only below Oct             12 low of 1.2105.
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