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GBP/USD now falling back towards important technical support

The lack of any positive reaction in the Pound to the better than forecast UK sales data has now seen it fall back further. That prospect was highlighted here a little earlier and the Pound is still struggling. The GBP/USD is falling back towards 1.2600 now. So, far that level has held, but the Pound is getting hit from all sides just now. The EUR/GBP is pushing towards the 0.8600 handle, even as the EUR/USD falls a bit more. The GBP/USD is now close to an important technical level, in place just below that 1.2600 handle. That is the 200 day moving average, which is in place this morning at 1.2593. The low seen so far has just been set at 1.2602. 

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