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Pound continues to lose traction after jobs report- GBP/USD edges towards 1.2775

The Pound has continued to lose traction this morning, following the weaker than forecast UK February Jobs report. The GBP/USD has now fallen below the lows seen yesterday (1.2795) and that was always a likely outcome to be honest. At the same time the dollar versus Europe is a little higher too and that has pushed the EUR/USD down at the same time, but not materially so at this stage. Of course the EUR/USD will react to the US CPI data later and so will the Pound, but right now the UK jobs data has thwarted once again any downside traction in the EUR/GBP too. So, that is now lifting towards 0.8550 once more. Ideally the GBP/USD could do with a really weak US CPI report, but that is an open outcome right now and by no means priced in. So, for now the pound continues to feed off that weaker UK jobs report until the US CPI data shows up and then decides whether the Pound can rebound, or continue to fall back. The GBP/USD is right now trading at 1.2779 

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