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GBP/USD still running into resistance at 1.2588
Pursuant to an earlier update noting once again the price point of the 200 day moving average (1.2588) on the GBP/USD, the pound did have a test of that level. In fact, at around 10.45am this morning it nailed the level. The Pound is now edging back a little. That slight relapse has been helped by the higher than forecast ADP payroll data, rising by 184k in March. So, as far as this afternoon is concerned the lines of demarcation could be covered by 1.2540 (the low yesterday) and 1.2588- the 200 day moving average. It is possible, but not guaranteed, that a break either side of that immediate range could trigger stops and a price extension. It really all depends on the dollar reaction to the ISM data and right now the risk seems to be quite balanced. That said, the dollar is still very much on the front foot today, especially versus the Yen right now. The GBP/USD is currently trading at 1.2573
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