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GBP/USD for now runs into sellers at technical level
As noted here earlier this morning, the better than expected UK Q1 GDP data did lift the Pound. The GBP/USD rose to test that noted and important level, at 1.2543. To repeat; that is the price point of the 200 day moving average and it has been capping the topside for the Pound for a while now. The high seen after that GDP data was set at 1.2541, so it appears there is still resistance and sellers in place around that level. The Pound has just edged back away from that now and it seems there is not yet enough demand to push it above 1.2543, even after that UK data beat the street. Perhaps if stops do emerge above 1.2543, then that might allow someone with enough ammunition to take it on, but for the time being it has capped the topside this morning. The GBP/USD is currently trading at 1.2531, as a hawkish UK BOE governor (Mann) is about to take to the news wires at 8am GMT.
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