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Dollar loses ground- GBP/USD pushes above 1.2750

Since the last update here and the release of the May German IFO index, the dollar has lost ground. The EUR/USD has ignored the rather disappointing IFO data and lifted to session highs just now, rising above 1.0865. At the same time the Pound has also gained versus the dollar and the Yen. Hence, the GBP/JPY is back above 200 once more. The GBP/USD closed in the US on Friday at 1.2737. The low seen earlier today was set at 1.2729. It has just now hit a session high at 1.2758 and that is close to the high seen last week, when it reached 1.2761. The GBP/USD is currently trading at 1.2755. A break above 1.2761 might deliver a further upside extension, if stops are in place above that level. 

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