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Technical analysis: 200-week SMA, 1.3155/60 confluence check GBPUSD's rally to 7-month top


The GBPUSD pair's run-up to seven-month high confronts key upside barrier near 1.3100. The pair needs a weekly close beyond 200-week SMA level of 1.3105 to take aim at 1.3155/60 resistance area including multi-year-old falling trendline and pair's fall between 2013 and 2016. However, a successful rise above 1.3160 enables it to aim for March month top near 1.3380.

On the downside, October month high near 1.3010 offers nearby important support, a break of which could recall sellers targeting November month bottom around 1.2765. It's worth mentioning that overbought RSI conditions and multiple strong resistances on the north keep exerting downside pressure on the pair.

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