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GBP/USD upended by dollar rebound

Earlier today I noted that the GBP/USD could rise further if the dollar would allow it. Well, following the release of the latest US CPI report, the dollar has bounced back and thwarted any immediate chance of the pound making further progress. The GBP/USD was trading at around 1.2775 just as the US CPI data emerged and since then it has traded back to a low at 1.2703. The GBP/USD is a little higher right now, but in view of this US rebound it might struggle to have another look at the 1.28 handle today. The GBP/USD is currently trading at 1.2725

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