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GBP/USD takes out most recent lows as dollar rebound extends

Further to my last update, the interim rebound in the dollar index (USDX) has extended further this morning and that has seen the EUR/USD and GBP/USD take out their most recent lows seen on Friday afternoon. The Dollar index has risen to a new session high today at 102.67 and that move came as the EUR/USD fell to 1.0934 and the GBP/USD fell to 1.2713. So, in effect both those pairs have now snapped their recent series of higher lows. However, both have rebounded a bit now. The GBP/USD is currently trading at 1.2727, but given this slight shift in the short term pricing dynamic, it would perhaps be unwise to rule out further downside from here on. 

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