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GBP/USD avoids a new interim low for now
The rise in the dollar overnight which sent the EUR/USD down to 1.0425 also impacted the GBP/USD. The Pound nearly set a new interim low when it fell to 1.2507 at the same time. That was pretty close to the low seen on Friday, at 1.2487. The rebound off the overnight low has seen the GBP/USD push back to just above 1.2560. The Pound had closed last night at 1.2568 after stalling earlier in the day just above 1.2610. The overall trend for the GBP/USD remains negative and the correction which looked possible yesterday has not even come close to the first rebound objective at 1.2710. Right now that looks quite some way off and it is by no means certain to see it reached anyway. Perhaps a dollar relapse for the month-end might kick in before the week is out, but just now that does not seem to be on the agenda, following the market reaction to the Trump comments overnight. The GBP/USD is currently trading at 1.2551
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