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This week it is UK data first then Fed afterwards for the GBP/USD

The major central Banks deciding on monetary policy this week are firstly the US Federal Reserve (6pm GMT on Wednesday) and then the Bank of Japan (at 3,00am GMT on Friday). However, the first part of the week sees the UK data hold centre stage, with latest UK jobs report due out at 6am GMT tomorrow and then a whole host of data at the same time on Wednesday, including the latest GDP numbers. There will be more to add on all that in due course. Right now though, it is the dollar which is back on the front foot and that has stymied any gains for the GBP/USD beyond 1.2817. That was again the high seen on Friday and that means there is a clearly defined double top at that level in place now on the daily charts. Granted the drop back in the Pound has been measured and that is entirely due to the fall in the EUR/GBP delivering relative outperformance in the GBP/USD compared to the EUR/USD. So far today the GBP/USD has managed to hold the 1.27 handle, but that is not assured as the day unfolds. The Pound closed in the US last night at 1.2719. It is just now trading at 1.2710 and the June 3 low at 1.2694 seems like it could be back in focus again today 
 

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