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GBP/USD rally fizzles out
The rally from the week’s lows has run out of steam at $1.2350, mimicking the price action we saw at the end of December. The services PMI reading today will be the key moment, perhaps restoring the bullish momentum seen in recent sessions.
Buyers need to keep the price moving above $1.2350 to then target $1.25. A failure to hold $1.22 would target $1.2050.