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GBP/USD edging higher so far today

Thanks largely to the weaker dollar versus Europe, the GBP/USD managed to set a higher close last night, at 1.2725. It has edged a little high so far this morning, reaching 1.2734. The move higher has surpassed a minor resistance level at 1.2725 and the next one remains in place at 1.2745. Beyond that we have another prior peak at 1.2762 and after that, the recent rebound highs and double top on the daily chart. That is from the high at 1.2794 on December 14 and 1.2790 on December 15. Hence these levels still remains a hurdle for the pound to negotiate. There are no UK data releases of any note this side of the New Year. The pound is still vulnerable, but then so is the dollar too, and with that in mind I shall look at the dollar index (USDX) in the very next update. The GBP/USD is currently trading at 1.2730
 

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