British Pound is breaking down out of consolidation against US Dollar ahead of London session as the Greenback recovery is gaining traction amid deteriorated risk sentiment. Moreover, US Dollar is recovering at back of rising US treasury yields.
The GBP/USD pair has stiff hurdle at 200-day moving average around 1.2970 area. However, the demand of Cable will likely remain underpinned as there's high probability of soft Brexit and extension of Article 50. Meanwhile, recent upbeat UK employment report gives clue to the BoE to raise the rates.
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