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Dollar battles back as GBP/USD continues to reject a rise above 1.2670

Earlier today the Pound tested some key levels versus the dollar. The GBP/USD rose to a session high at 1.2670. That was just one pip above the noted 50 day moving average and since then it has been struggling for more traction. So, it is for to say; that moving average has successfully capped the topside for the time being. The EUR/USD is right now edging back from its best levels of the day too. Both these moves take place whilst the USD/JPY remains elevated and very close to its best levels of the session. As noted here already today, the Yen remains the weakest of all the major currencies outside of the dollar over the past 24 hours. The GBP/USD is now trading just below where it closed last night, at 1.2652, currently at 1.2649

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