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GBP/USD Update - 01/13/2025
The GBP remains notably weak against the USD across both daily and intraday timeframes, steadily approaching the critical support level at 1.2000. This level is pivotal, and if reached, it offers an attractive risk-reward ratio for potential buy positions, making buying more favorable than selling in the long run.
On lower timeframes, while waiting for the major support to be tested, there is still room for selling opportunities. However, it is advisable to wait for a retracement toward the 1.22385 resistance level before entering short positions, with a target of 1.2000.
Looking ahead, as long as the 1.2000 major support holds, a recovery in GBP/USD is likely. A potential retracement in the USD market could further support a significant bounce for the GBP.
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