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The British pound is making positive attempts against the US dollar to preserve its recent gains, following the pair’s highest level recorded in the previous trading session at 1.2524.
From a technical perspective, the pair is trading above the 50-day simple moving average, further supported by its stability above the key support level of 1.2410.
This setup suggests the possibility of an upward trend during the day, especially if the price remains stable above 1.2500, which could drive the pair higher toward the next target at 1.2560.
On the other hand, a confirmed break below 1.2410, and more critically 1.2400, would place the pair under significant bearish pressure, with a potential downside target near 1.2365.
Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.
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