GBPUSD recovers from lower end of the range

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The British pound, which has been trading within a range, saw prices retesting the lower end of the range.

However, price action remains range-bound following steady support from the level of 1.2277.

We expect the sideways range to continue in the near term.

Price action will most likely see a modest rebound to the upside with gains capped near 1.2485. This level marks the upper end of the range.

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