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FxWirePro: GBP/USD recovers strongly from Trump win induced low after Bank of England cuts rates again

• GBP/USD ebounded strongly on Thursday as sterling attracted buyers after   Bank of England cut  rates by 25bps  .

• Monetary Policy Committee (MPC) voted 8-1 to cut rates to 4.75% from 5%, a stronger majority than expectations in a Reuters poll for a 7-2 vote in favour of a cut.

• Attention now turns to the Federal Reserve's policy decision later today, with markets largely anticipating a 25 basis point rate cut.

•   Immediate resistance is located at 1.3047( Nov 5th high), any close above will push the pair towards 1.3074 (50%  fib)

•  Strong support is seen at 1.2987(38.2%  fib) and break below could take the pair towards 1.2959 (5SMA).

  Recommendation: Good to buy around 1.3000, with stop loss of 1.2920 and target price of 1.3080

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