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GBP/USD rallies on political news
David Davis’s suggestion in parliament yesterday that the UK might pay for single market access caused the pound to rally, once again indicating it is political news that is having the main effect here.
However, despite the bounce GBP/USD fell back from its mid-November high at $1.2650. If the price remains below here then a move back to $1.25 cannot be ruled out.
A close above $1.2650 targets $1.2865.