Pound Sterling has traded back above 1.26 over the course of the mid-week session as the recent jawboning of US trade official Peter Navarro continues to weigh on the Greenback.
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Pound Sterling has been gifted a road to recovery by signs that the US President could be about to label Germany a currency manipulator.
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Tomorrow sees the end of the meeting of officials of the Federal Reserve in Washington to decide monetary policy.
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The Dollar has struggled through the course of 2017 as the solid run higher noted in late 2016 fades.
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Foreign exchange strategists at BMO Capital Markets have confirmed they are expecting the British Pound’s strength against the US Dollar to fade once above 1.27.
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Karen Jones, technical analyst at Commerzbank, believes the Pound is at risk of further declines against the US Dollar over the near-term.
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The GBP/USD pair has reached a critical inflection point in the trend where a resumption of the short-term higher is favoured, but there is also a possibility of a break lower.
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