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GBP/USD – Ready to Rock?
After months of seemingly endless selling, cable appears to have finally found a bottom and may be ready to stage a short covering rally. The pair has been under unremitting pressure from fears of a Brexit as the majority of British public appeared to be ready to exit from EU, But over the past several weeks, much to the relief of investors sentiment has started to shift towards staying in the union and Brussels has made some conciliatory noises with respect to accommodating UK demands.
Against this backdrop UK eco data has been improving as well boosted by the weaker exchange rate as PMI Manufacturing surprised to the upside. If today’s PMI services report also beats consensus the pair could make a break for the 1.4500 as the short covering rally starts in earnest.