The Sterling (GBP) rallied above 1.6500 but found very strong resistance at 1.6550 and when the market reversed fresh day lows were seen in the near 1.6400. GBP/JPY tested Y135 before reversing late in the day. Overall the GBP/USD traded with a low of 1.6422 and a high of 1.6548 before closing the day at 1.6455 in the New York session. Looking ahead, May PMI forecast at 54.1 vs. 54.6 previously.
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