GBPUSD Rebounds, Brushing Aside Weak GDP Numbers

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The British pound sterling made a sharp recovery with price action on Friday posting a strong rebound.

The gains put the GBPUSD back near the previous highs at 1.3866. But with the Stochastics oscillator signaling a lower high, we could see a pullback.

The support level near 1.3759 remains in scope to the downside. As long as the cable holds gains above this level, there is room for further gains.

But a close below this level could potentially see a larger correction taking place.

For the moment, the uptrend remains intact with price making consistently higher lows.

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