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GBP/USD gives most of it back as Fed surprises with elevated dot plot

As stated in the previous update, the markets have been somewhat surprised by the elevation in the Fed Dot Plot plan. This has been raised and that is what has helped the dollar to rebound across the board this evening. The GBP/USD was on the rebound, just like the EUR/USD, but not any more folks. The GBP/USD has now fallen back close to 1.2350, from an earlier session high at 1.2421. The Bank of England might need to ride to the rescue tomorrow, if the pound is to whether the potential for more downside ahead of the weekend. So, what are the chances of that then? Well, according to many, rather remote it would seem. The GBP/USD has just bounced a little though, currently trading at 1.2370

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