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GBP/USD holds 1.2604 at the first time of asking

The European stock markets are up and running now and it has been a slightly more positive start to the day than looked likely a short while ago. That said, the gains so far are modest and still subject to a volte face. At the same time, the dollar has come off the boil slightly and the EUR/USD is still finding buyers ahead of 1.08 it seems. The same can be said for the GBP/USD, but that came very close to the noted double bottom at 1.2604 a short while ago. The low seen so far has been set at 1.2606. So, as you can see it has held on for the time being and bounced modestly. That is why I keep pointing out such levels, when they arise because it is important to respect them no matter what your directional opinion might be. The GBP/USD is just now trading at 1.2621
 

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