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GBP/USD moves off highs but holds gains

FXstreet.com (Córdoba) - The GBP/USD failed to sustain momentum and pulled back slightly after hitting a 3-week high of 1.5287 as the greenback trims losses across the board.

However, with the setback contained by the 1.5245 area the pair entered in a consolidation phase as investors await the US ISM manufacturing PMI. At time of writing, GBP/USD is trading at the 1.5250 zone, still up 0.3% on the day.

"Overall, the pair will maintain the bullish tone as long as above 1.5240, former highs, with a break above 1.5290 signaling a short term continuation towards the 1.5330 price zone", says Valeria Bednarik, chief analyst at FXstreet.com. "Steady losses below 1.5240 will deny the possibility of an advance today, and probably see price retracing towards 1.5190 area".

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