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The pound sterling is trading rather muted with price action struggling to break out from previous session highs.

GBPUSD rose to highs of 1.2743 following which prices pulled back sharply.

At the time of writing, GBPUSD is attempting to break out above this level once again.

A strong close will potentially see the cable rising toward the 1.2813 level of resistance next.

However, if the consolidation continues, we might get to see prices retesting the lows at 1.2643.

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