GBPUSD recovers from the initial slump

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The pound sterling briefly accelerated the declines intraday. However, price quickly reversed the gains following a test to the lower support level at 1.2277, just a few pips higher.

The sideways range between 1.2485 and 1.2277 will most likely continue for GBPUSD.

Unless there is a strong breakout, we do not see much progress in the near term.

For the moment, the minor resistance level at 1.2423 will be the short term target.

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