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GBP/USD finding its feet a little now
Earlier today the GBP/USD based out at 1.2680. The Pound had closed in the US last night at 1.2691 after finding a base yesterday at 1.2673. The rebound you are now seeing is taking it back above 1.2725. That rebound owes much to a corresponding recovery in the GBP/JPY. That is back above 187.50 just now and potentially rising back towards where it stalled earlier today at 188.07. That is quite some way off the low seen on Monday, at 180.11. At the same time, the Pound is still a long way south of the high seen on July 11, when it peaked at 208.11. So, if we take 38.2% correction of that whole fall, it arrives at 190.80. That is not to say it will get back there, but if it were to do so, that might help the GBP/USD find its feet a bit more, notwithstanding that any rise to that level in the GBP/JPY will most likely be delivered by the USD/JPY rebounding further. The GBP/USD is currently close to session highs, just now trading at 1.2734
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