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Earlier today the GBP/USD pushed higher and recovered back above the 1.22 handle. The Pound had closed in the US on Friday at 1.2169 and had reopened lower in Asia last night, at 1.2161. The price action that followed saw it lift with the EUR/USD. That delivered a session high, as the European stock markets reopened, at 1.2222. Well, since then it has been tracking lower once more. The GBP/USD just now hit a European session low at 1.2175. The move lower in the Pound is supporting the FTSE 100, as that lifts to test the record high seen on Friday, at 8,533. The failure to hold gains above 1.22 is not new, as that is exactly what played out on Friday, when the Pound stalled at 1.2228. So, there you have it 1.2161-1.2228 covers it for the time being, but right now the risk of a break at the bottom end of that would seem the greater immediate threat. The GBP/USD is currently trading at 1.2177
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