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GBP/USD turned away after early look at 1.5000

  • Cable price has developed both technical and psychological importance

  • GBP/USD turned away after early look at 1.5000

  • Dollar bulls dig in heels; 1.1050 EUR/USD also successfully defended

  • US policy divergence narrows; may not be large enough to support USD position

  • However, substantial shift in rates; odds on Sep move fall to 56% from 80%

  • Market Data
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