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Pound catches a bid as GBP/USD lifts above 1.2735

The pound has just now played catch-up with the weakening dollar and followed the EUR/USD higher. The rise back above 1.27 has seemingly sparked some short -covering and lifted the price to above 1.2735. That is also being assisted by some downside moves in the EUR/GBP, at the same time as the EUR/USD is rising. That is adding some acceleration to the move in the GBP/USD, which is now rising to meet the high seen early on Wednesday before the latest UK inflation data sent it scurrying lower. The GBP/USD has just hit a session high at 1.2737. It is currently trading at 1.2733

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