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GBP/USD progress upended by dollar rebound
As covered here yesterday, the GBP/USD rose to set a new 2024 high at 1.3430. However, that was the extent of the gains and the slide that followed accompanied the EUR/USD on its way back down. In fact, arguably it was the Pound that led the falls as the dollar index (USDX) recovered towards 101.00 and EUR/GBP pressed higher at the same time. The GBP/USD dropped to a low at 1.3313 and later closed in the US at 1.3324. Technically that was not a positive close either. It has made some modest progress from the lows this morning, but yet to vault levels above 1.3350. Perhaps the looming month-end is skewing the price action today? We shall see on that, especially later into the 4pm London Fix. We also have some important US data due out ahead of that, with US GDP in focus later on. There will be more to add on that. Meantime, the GBP/USD is currently trading at 1.3347
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