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GBP/USD Outlook: The Pair Spiked Above 1.3000 And Is Currently Correcting Lower

The British Pound remained positive above the 1.2880 and 1.2900 support levels against the US Dollar. The GBP/USD pair climbed higher and surpassed the 1.2940 resistance.

Besides, the pair settled above the 1.2980 level and the 50 hourly simple moving average. Finally, the pair spiked above the 1.3000 resistance area. A high was formed near 1.3017 on FXOpen and the pair is currently correcting lower.

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On the downside, there is a strong support forming near the 1.2980 level, a connecting bullish trend line on the hourly chart, and the 38.2% Fib retracement level of the upward move from the 1.2886 low to 1.3017 high.

On the upside, an initial resistance is near the 1.3000 area. A successful close above the 1.3000 area could lead GBP/USD further higher towards the 1.3040 and 1.3050 resistance levels in the near term.