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In the past I have read where an entire selection can be expanded/contracted with a simple keystoke but I am unable to remember what to do. As I recall, it is possible to expand/contract an entire selection by a simple keystroke. I am running the most current version of Photoshop.
Does anyone have an answer for me?
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There isn't built in keyboard shortcut, see explanation by @Stephen_A_Marsh to assign keyboard shortcut.