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GBP/USD pumps and dumps as CPI confusion rules

In addition to the prior two updates, noting the volatile price action in the USD/JPY and the EUR/USD, it is worth noting something similar that unfolded in the GBP/USD. That spiked to a new session and interim high following that CPI data release. The pound rose rapidly to a high at 1.2615. It did not stay up there for more than a second though and the whole pumped up move smacked more of stops being tripped above 1.2601, than it did anything else. Well, now it has dumped again and fallen back below 1.2565, as the dollar more generally recovers its negative reaction across the board. The GBP/USD is currently trading at 1.2563
 

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