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Tell me please the difference between using Present Perfect and Present Continuous in these sentences.

  1. I am living in London.
  2. I have lived in London.

The idea is to tell that right now I live in London. Present Continuous is used for temporary actions. But at the second sentence we didn’t indicate duration of the action. And I don’t know, which option is more correct.

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You can use 2 only if you specify a duration. If you use it as written, it would refer to some period or periods in the past, probably not including the present.
Examples with duration: I have lived in London since 2005. I have lived in London for years.

Examples without duration: Have you ever lived in London? Yes, I have lived in London. I have lived in London twice in my life.

So, the options for the situation you describe is to use 2 with a duration, or to use 1.

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