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GBP/USD watching and waiting for US data due out shortly

The GBP/USD had been underperforming in relative terms so far today. That is because the EUR/GBP lifted from earlier session lows (0.8530) and climbed back above 0.8550. That helped to force the GBP/USD lower, even as the EUR/USD rebounded modestly. The GBP/USD closed in the US last night at 1.2624. It has traded to a low at 1.2610 so far today. The Pound is going to react the US PCE data, one way or the other. Right now the 200 day moving average (which was briefly breached yesterday) is on the radar potentially again today. That is still at 1.2590, as it was yesterday too. On the topside resistance is in place at 1.2657 and then at 1.2677 (100 and 50 moving averages respectively). Yesterday the Pound avoided a daily close below 1.2590, but it might not be so lucky today, IF that US PCE data comes out markedly hotter than forecast. The GBP/USD is just now trading at 1.2620, as that US PCE data looms large, at 12.30pm GMT
 

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