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Sterling Extends Its Gains In The Asian Session

For the 24 hours to 23:00 GMT, the GBP rose 0.39% against the USD and closed at 1.2964.

In the Asian session, at GMT0300, the pair is trading at 1.2987, with the GBP trading 0.18% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.2912, and a fall through could take it to the next support level of 1.2838. The pair is expected to find its first resistance at 1.3037, and a rise through could take it to the next resistance level of 1.3088.

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Trading trend in the Sterling today, is expected to be determined by UK’s public sector net borrowing for September, slated to release in a few hours.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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