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GBP/USD edging towards 1.22 again as dollar falls back further

The dollar is still under quite significant pressure as I write this update. The EUR/USD is just now setting fresh session highs, as it lifts above 1.0630. The Euro is now approaching a potential resistance level that as highlighted here earlier and that is at now at 1.0640 and it is the 50 day moving average, which has shifted ever so slightly from where it was at the time of my previous update. The move higher in the EUR/USD is dragging the GBP/USD higher with it and now the GBP/USD has edged a little closer to the 1.22 handle once more. That was the price point that capped the topside on Tuesday (1.2201 the high then). That remains a potential barrier sill and the GBP/USD rising into what is expected to be a non event from the BOE in just over an hour is mostly about a weaker dollar right now and not anything exclusive to the pound. That said there is potential for a further rise towards the next resistance level at 1.2309, should the current move higher extend. At 12pm GMT we shall find out if there is indeed potential for such a move to play out. The GBP/USD is just now trading at 1.2195
 

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