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GBP/USD reclaims 1.2700 as Dollar slips

The dollar is losing some traction this morning and that has seen the EUR/USD continue to try and force a sustained move back above its 21 day moving average. However, as of yet the move is not yet conclusive, as it flips one side and then the other of that 1.0945 level. At the same time the there has been no rebound to any degree in the EUR/GBP, so the higher EUR/USD has delivered a move to back above 1.27 in the GBP/USD. The gains seem quite hard fought though and come ahead of a whole batch of UK economic data due out at 9.30am GMT. The GBP/USD is just now setting session highs around 1.2709 
 

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