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GBP/USD still holding technical support

On Friday the Pound managed hold its ground above 1.2600 all day. The low seen was set at 1.2610. The GBP/USD later closed out the month at 1.2623. The noted support level (200 day moving average) is pretty much unchanged this morning and is right now at 1.2589. The range seen so far this morning has been covered by 1.2623 to 1.2642. The price action in the GBP/USD is still very much focused on the dollar and that is unlikely to change today, especially with the US data releases on the radar this afternoon. So, despite holding that technical support level at 1.2589, the rebound over the past couple of days is not exactly convincing at this stage. So, the downside risks are far from removed again, as the new month gets underway. Immediate resistance levels are in place today at 1.2660 and 1.2675. The GBP/USD is currently trading at 1.2627 

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