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The pound sterling is building up on some modest momentum. This comes after prices retreated back to the support area of 1.2277.

At this rate, we expect the upside bias to persist. In the near term, the upside range of 1.2485 will be tested.

If price breakouts above this level, then we expect a move higher toward 1.2858.

Alternately, if price fails to break out, then we expect a move back to the lower end of the range.

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