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FxWirePro: GBP/USD rebounds, critical resistance lies ahead

• GBP/USD rose above 1.3000 level on Tuesday as dollar fell as markets awaited early indications of the outcome ofa knife-edge U.S. election.

•  Polls show a tight race between Republican former president Donald Trump and Democrat Vice President Kamala Harris and the most extreme currency moves will occur if the party of the new president also wins control of Congress.

• Traders have pared back bets that Trump will win the presidency in recent days, in part due to some polls showing rising odds of a Harris victory.

• At GMT 16:01 the pair was trading up 0.39% at 1.3002, heist level since Oct 30th .

•   Immediate resistance is located at 1.3023( 50%fib), any close above will push the pair towards 1.3045(Oct 30th high)

•  Strong support is seen at 1.2945(38.2%fib) and break below could take the pair towards 1.2885(Nov 1st low).

  Recommendation: Good to buy around 1.3000 , with stop loss of 1.2950 and target price of 1.3100

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