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GBP/USD stalls just above 1.2750 as GBP/JPY falls

The slide in the USD/JPY has, as noted, significantly impacted the GBP/JPY and now that cross rate has fallen back further. There will be an update later today to look at the technical picture on that one. Meanwhile, the drop to below 189 today has stalled any upside for the GBP/USD. The Pound had lifted to 1.2761 yesterday, but it could not hold all that rise into the close, where it ended the session at 1.2731. It has not been able to make any further progress yet today. The UK Chancellor made the best of what he could yesterday and generally the Budget was pretty well received. However, the Pound remains at the mercy of the cross rate market, be that the EUR/GBP, or the GBP/JPY and that dynamic seems likely to dominate again today, with the ECB policy decision very much in focus later on. The range in the GBP/USD has so far been covered by 1.2723 to 1.2744. It is currently trading at 1.2737 

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