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GBP/USD awaiting Fed meeting
The stronger dollar continues to make life difficult for sterling bulls. With little data to drive action, most attention is focussed on what the Federal Reserve will do next. As a result we could see further pressure on GBP/USD, perhaps down to the January lows around $1.20.
Once the Fed meeting is out of the way the situation may change, but in any case bulls will need to get the price back above $1.24 in the near-term to signal a new move higher.