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GBP/USD holds onto 1.26 and lifts ahead of the European opening

The recovery in the US dollar, which was led by the USD/JPY, forced both the EUR/USD and GBP/USD lower. The GBP/USD came close to falling below the 1.26 handle yesterday, but in the event that price point held fast, with the low set at 1.2604. The pound later closed in the US at 1.2624. It has edged a little higher so far this morning, as the dollar more generally gives back some of the gains notched up yesterday. The range seen so far today has been covered by 1.2619 to 1.2656. The GBP/USD is currently trading at 1.2636

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