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GBP/JPY fall below 200 today does the GBP/USD no favours
The further gains in the Yen today has delivered a drop below 200 in the GBP/JPY earlier. The Pound fell to a low at 198.99 after closing in the US last night at 200.82. This further correction of the dynamic move to above 208 (208.11 the high set on July 11) sure has seen the Pound come unstuck since. That has also weighed on the GBP/USD, as the dollar versus the European and other major currencies gains as a result of that cross dynamic. The GBP/USD fell to 1.2888 yesterday, but it did rebound into the US close, after stops were tripped on a break below 1.2901 prior to that. The GBP/USD closed last night at 1.2908. The low seen a little earlier today was set at 1.2884. There are some UK PMI data releases later on this morning (8.30am GMT) which might have an impact on the price action as the morning unfolds. The price action in the GBP/JPY will also be very much integral as how the GBP/USD fares today. The GBP/USD is currently trading at 1.2892
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