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GBP/USD: finally breaking out of consolidation?
What a day has it been in the financial markets! Stocks and the dollar have fallen viciously as traders respond to news of the Chinese currency devaluation by piling in on safe haven assets. The Swiss franc, Japanese yen and gold have all found some solid support. One particular FX pair that has caught my attention has been the GBP/USD, which has gained ground despite some weaker-than-expected UK economic data today which showed among other things that wages only increased by 2.4% in the three months to June compared to a year earlier period. This represents a sharp slowdown from the 3.2% rate recorded in the three ... (full story)