The Sterling (GBP) was under pressure falling sharply on the US downgrade and stock market weakness. The GBP/USD had bounced to 1.6300 on the back off EUR/GBP selling but reversed sharply at the big figure. Overall the GBP/USD traded with a low of 1.6164 and a high of 1.6331 before closing the day at 1.6260 in the New York session.
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