GBP pulls back after failing to breakout from range

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The GBPUSD currency pair is likely to continue its range-bound trading for a while.

Following the previous session’s gains to the resistance level near 1.2485, price action is pulling back.

This could keep price action subdued within the established range.

However, the Stochastics oscillator is positioning into a possible pick up in the bullish momentum.

But a lot will depend on whether and when GBPUSD will clear the upper resistance level of 1.2485.

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