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GBP/USD eyes $1.66
A lack of UK-focused economic data today will not help the GBP/USD bounce back above the $1.66 level and considering the trend for improving US economic data, this will probably prove to be unhelpful too.
The only plus point for those long of GBP/USD is the fact that this will be a long weekend in the US as markets will be closed on Monday to celebrate Labor Day. Considering the collapse we have seen in GBP/USD over the last seven or eight weeks, and the fact we are seeing the rate just beginning to move out of oversold territory, a bout of profit-taking could be on the cards and might give cause for the GBP/USD to creep back above the $1.66 level.