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GBP/USD edges back towards 1.27 as US NFIB beats estimates
In covering the gains in the dollar index in the previous update it should have been noted; that this came after the latest US NFIB small business optimism index beat forecasts. The index stood at 90.6 in November and was expected to rise slightly last month, to 91.0. It actually rose to 91.9 and that has been a driver behind the recent gains in the dollar versus the European currencies. So the EUR/USD is still close to session lows, now at 1.0930 and the GBP/USD is tracking back closer to the 1.27 handle. Beyond any immediate support at 1.2700 itself, it is worth noting the 21 day moving average lies just below that level, right now at 1.2695. The low seen so far has been set at 1.2712.
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