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GBP/USD off lows as UK jobs report looms

As noted here yesterday afternoon, the GBP/USD was not able to hold a rally that took it close to the 1.26 handle. The pound topped out at 1.2591 and fell back to 1.2538 just after the 4pm London Fix. The modest rebound that followed saw it later close in the US at 1.2555. It has built on that rebound so far today. The high seen has been set at 1.2584 and it comes ahead of the latest UK jobs report, at 7am GMT. There is not much in the way of expectation on that to really shift the dial, but UK wage growth is anticipated to have abated somewhat in the 3 months to October. The payroll count for November is expected to be lower too, at around 3k, compared to a 33k gain previously. The GBP/USD can move on this report, but it might need a surprise or two to deliver something sizeable. We shall shortly find out if there is anything in this data that might do that. The GBP/USD is currently trading at 1.2577
 

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