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GBP/USD $1.27 seems to be holding for now
Given the sharp rally in GBP/USD since the March lows, it is not surprising to have a significant retracement. It is only the fact that this has happened in two days rather than around a week that has amplified the impression of a big move.
The $1.27 area appears to be holding well, and if it recovers from here, a move back above $1.28 could still be possible.