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GBP/USD lifts above 1.24 this morning
The fall in the USD/JPY today following the BOJ rate increase has once again allowed both the EUR/USD and the GBP/USD to make headway. The GBP/USD is above 1.24 just now this morning. The Pound closed in the US last night at 1.2353, after leaking earlier in the session at 1.2375. The price action today has seen the Pound reach 1.2409- a new high on the week. That high is also above the current 21 day moving average, in place right now at 1.2365. As you can see, the Pound narrowly avoided a daily close above that moving average yesterday. Right now it is in the balance, as to whether it will do the same by the close tonight. There are some important UK data releases later this morning (at 9.30am GMT the flash January PMI readings on Services and Manufacturing) which could help shape that weekly close, but overall it is the Yen and dollar dynamics that are more in control of the price action at the moment. The GBP/USD is right now at 1.2409
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