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GBP/USD still unable to vault 1.2700 so far this morning

As the dollar slips a little this morning, the Pound is close 1.2700 once more. The GBP/USD almost got to that level yesterday, but in the event it could not vault it and later closed in the US at 1.2685. It has risen to 1.2695 so far today. A combination of factors yesterday helped to keep the FTSE 100 under wraps and the higher Pound was one of them. The outlook for UK interest rates to remain elevated for longer than its peers remains a supportive factor, but some concerns over the UK Budget next week are a potential short-term headwind. Perhaps more than anything, it remains the stronger dollar that is standing in the way of fresh 2024 highs for the GBP/USD. If that changes, then the Pound might have some upside. The GBP/USD is currently trading at 1.2685
 

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