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GBP/USD dominated by the dollar
Yellen’s testimony yesterday put some of the fight back into the dollar bulls, but the damage in sterling has already been done by inflation figures that failed to live up to expectations. We have seen $1.2440 act as good support so far this week, but a drop below here would pave the way to the February low at $1.2350.
Dollar’s strength predominates, and it will take a push above $1.26 to suggest the rally in cable is back on.