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Technical Analysis: GBPUSD bulls print two-month high inside short-term rising channel

GBPUSD stays positive near the highest since early-September as the US dollar gets offered amid broad risk-on mood, mainly backed by Joe Biden's victory in the US presidential election. That said, overbought RSI suggests the pair's corrective pullback towards the 1.3100 round-figure ahead of highlighting the 200-bar SMA level of 1.2955. However, the support line of a short-term rising channel, at 1.2885 now, can restrict the Cable's further downside, if not then the monthly low near 1.2850 may return to the chart.

Meanwhile, the upper line of the stated channel from September 10, currently around 1.3250, offers an additional hurdle to the pair's further north-run. In a case where the GBPUSD bulls defy the channel formation and overbought RSI conditions, by keeping the upside momentum intact beyond 1.3250, the September month high near 1.3480 will gain the market's attention.

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