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Dollar continues to flounder as GBP/USD takes out 1.2700

The dollar was clearly the subject of spot month end selling this afternoon and the catalyst for the that was comments from the Fed governor, Chris Waller. However, it was probably going to meet with selling into the spot month-end fix anyway. So, as already noted, the EUR/USD has finally reclaimed the 1.10 handle and it will be interesting to see if it can post a daily close above that tonight. Meantime, the slide in the USD/JPY has extended further now and closer to the noted 147.15 previous low and potential minor support level. The Pound continues to fare well versus the ailing dollar and that has now seen the GBP/USD rise above 1.27 as I type this update. That means it is close to the previously noted next resistance level, at 1.2720. That price point represents a 61.8% correction of the move, from 1.3142 to the low at 1.2037. The GBP/USD has just hit a fresh session high at 1.2714. It is currently trading at 1.2713
 

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