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GBP/USD higher ahead of UK data drop due at 7am GMT

As the dollar got a lift from the higher than expected US CPI data yesterday, the GBP/USD fell below 1.2700 at one point ahead of the 4pm London fix. The low seen was set at 1.2690. However, as the US stock markets recovered, the dollar handed back much of its earlier gains and that saw the Pound lift into the US close. The GBP/USD ended the US session at 1.2760. It has traded a little higher this morning, ahead of what is a number of UK economic releases due out shortly, at 7am GMT. We have the latest monthly GDP data, industrial and manufacturing reports, Index of services, construction output and trade balances. So, there is quite a lot of data for the Pound to digest. I will send another update once all this has hit the screens. Meantime, the GBP/USD has traded a range today so far covered by 1.2751 to 1.2785. It is currently trading at 1.2773

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