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Forex: Sterling fails to gain traction after good employment data

Tomorrow’s Scottish referendum is dominating trade in sterling today as normally you would expect a bounce in GBPUSD following such a strong employment reading for the UK . Before the release of the data which showed unemployment falling from 6.4% to 6.2%, better than the expected fall to 6.3%, GBPUSD was trading some 35 pips above the 1.6300 level but we’ve retreated back from there since the release of the data. Investors and traders are still nervous about tomorrow’s vote which hangs in the balance, despite some UK bookmakers having already paid customers who voted on there being a No vote.

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