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GBP/USD unable to hold 1.23 again

Earlier today, as the dollar came under a degree of pressure that allowed the GBP/USD to reclaim the 1.23 handle once more. It had done that a few times yesterday, but each time it stalled a couple of pips above it. Well, earlier the pound got to 1.2309 and had the opportunity then to extend some more, having broken above all those previous interim tops. Well, it failed and rather miserably too. The GBP/USD is falling back to session lows right now, dropping below 1.2260. The dollar is largely to blame for this move, but the lack of traction in the pound versus Europe is clear to see too. The drop back below the 50 day moving average (now at 1.2276) might have tripped some stops at the same time. Further support lower down now resides at 1.2199. The low seen so far has jus been set at 1.2256. It is currently trading at 1.2258

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