There is increasing pessimism over British economy.
I wrote last Thursday that the price was likely to consolidate between $1.2624 and $1.2437 until the release of US Advance GDP data, with the best approach likely to be fading any post-release spike to either level.
The price did remain within these levels over the entire London session, so my call was at least partially correct.currency pair has been rising recently, but this has more to do with the decline of the US Dollar than a rise from the Pound. This remains the case as now the Dollar is beginning to strengthen again, we see the price topping out below the key resistance level at $1.2629.as it was firmly formed and is confluent with the half number at $1.2550.
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