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FxWirePro: GBP/USD gaining momentum for a move towards 1.3400 level

• GBP/USD strengthened on Thursday  as China's stimulus plan boosted    risk appetite.

•  The varying monetary policies of the Bank of England in relation to other major central banks also contributed to the strength of the British currency.

• The pound has rallied over 2% since the Fed's significant rate cut and the Bank of England's decision to hold rates last week.

• Technical signals are  strongly bullish as RSI is   at 64 , daily momentum studies  5, 9 and 10 DMAs are trending up.

•   Immediate resistance is located at 1.3430( 23.6%fib), any close above will push the pair towards 1.3458 ( Higher BB)

•  Strong support is seen at 1.3349(38.2%  fib) and break below could take the pair towards 1.3284 (50%  fib).

  Recommendation: Good to buy around 1.3350 with stop loss of 1.2980 and target price of 1.3400

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