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GBP/USD needs a hawkish BOE later today to cement rebound gains

At one point yesterday the GBP/USD fell to test the 1.2500 handle, but in the event that level capped the downside move to the pip and the rebound that followed was all about the Fed and its dramatic change of course. That news sent the GBP/USD charging higher and eventually it reclaimed the 1.26 handle ahead of the US close, where it ended the day at 1.2618. It has risen further today, reaching a high at 1.2653 a little earlier. The dollar has certainly halted the direction for the GBP/USD and from now on today it is up to the Bank of England to cement it, or potentially unhinge it. The BOE policy announcement is due at 12pm GMT and no change is expected. There will be plenty to add on that outlook this morning. The GBP/USD is currently trading at 1.2643
 

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