16. A non-transitory computer-readable storage medium encoded with instructions that, when executed, cause at least one processor of a computing device to: output, for display, a graphical keyboard comprising a plurality of keys; receive, a plurality of indications of gestures detected at a presence-sensitive input device, a first indication of the plurality of indications of gestures being associated with traversal of a first key from the plurality of keys and subsequently a second indication of the plurality of indications of gestures being associated with traversal of a second key of the plurality of keys, wherein a first character is associated with the first key and a second character is associated with the second key; output, based at least in part on the first and second indications of the plurality of indications of gestures traversing the first key and subsequently the second key, a candidate phrase comprising a group of candidate words, wherein at least one of a first candidate word or a second candidate word from the group of candidate words comprises the second character subsequent to the first character; determine, based at least in part on the candidate phrase, a next word that is subsequent to the first candidate word and the second candidate word in the candidate phrase; and output, for display, the next word.
16. A non-transitory computer-readable storage medium encoded with instructions that, when executed, cause at least one processor of a computing device to: output, for display, a graphical keyboard comprising a plurality of keys; receive, a plurality of indications of gestures detected at a presence-sensitive input device, a first indication of the plurality of indications of gestures being associated with traversal of a first key from the plurality of keys and subsequently a second indication of the plurality of indications of gestures being associated with traversal of a second key of the plurality of keys, wherein a first character is associated with the first key and a second character is associated with the second key; output, based at least in part on the first and second indications of the plurality of indications of gestures traversing the first key and subsequently the second key, a candidate phrase comprising a group of candidate words, wherein at least one of a first candidate word or a second candidate word from the group of candidate words comprises the second character subsequent to the first character; determine, based at least in part on the candidate phrase, a next word that is subsequent to the first candidate word and the second candidate word in the candidate phrase; and output, for display, the next word. 17. The non-transitory computer-readable storage medium of claim 16 encoded with instructions that, when executed, cause the at least one processor of the computing device to: select, based at least in part on the plurality of indications of gestures, the first key and the second key of the plurality of keys; determine, based at least in part on the first key, a word-level token comprising a single string of a plurality of predicted characters; determine that the word-level token represents a candidate word included in a lexicon; and determine, in response to determining that the word-level token represents the candidate word in the lexicon, a phrase-level token based at least in part on the word-level token and the second key, wherein the phrase-level token comprises a plurality of character strings.