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Veksler: Why there's upside bias in GBPUSD

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As the UK unemployment falls to 6.4% in the quarter - the lowest since 2008 - London-based trader Ken Veksler shares his thoughts on how to trade cable.

Sterling has fallen in recent weeks against the dollar, due to a combination of investors "taking positions off the table" as they head in to a slower August summer month, and because of a "knee-jerk reaction favouring the dollar" based on suggestions rates will rise sooner rather than later.

Ken also adds that as long as we can close on a daily basis above 1.6730, "the upside should retain its overall bias".

Looking ahead, Ken believes that as long as the data out of the UK continues to show that things are improving, "cable is likely to go higher again".

As well as the UK unemployment figures, investors will take a close look at the UK revised growth figures for Q2 - out on Friday.