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GBP/USD continues to lose ground after Rachel Reeves resigns
Earlier this afternoon the UK Chancellor, Rachel Reeves resigned from her post as UK Chancellor. This was not exactly a surprise to anyone in the markets, but it has helped to deliver more downside in the GBP/USD heading into the European close. In truth it is the firmer dollar that has really driven that though and that comes as US stocks turn lower, led down by the Dow Jones, which is now firmly in negative territory on the day. The Nasdaq 100 is still holding gains though and hence we have positive tech rotation clearly in play now.
The markets are still waiting to see who will replace Reeves and that is not something the Pound will necessarily ignore. The GBP/USD has just hit a session low at 1.3417
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