The rebound in the EUR/USD has now delivered a move to above 1.0800. The break above the rebound high seen yesterday afternoon has been the catalyst for this, but the real driver has been the drop back in US yields and that has dented the US currency across the board. So, the GBP/USD has now lifted very close to the 1.30 handle once again. That is also being assisted by the fact that UK yields have not materially fallen much at all. The UK 10 year note was around 4.55% before the BOE rate cut. It is right now at 4.51%. The USD/JPY is lower too, trading back towards 153.15 just now. So, the EUR/USD has lifted to a high so far has been set at 1.0817. Once again the reader is reminded that this move is corrective to all that was seen yesterday and if we take the top and the bottom of the range seen so far this week, it is covered by 1.0937 to 1.0683. A 50% correction of that fall would set a level at 1.0810. Well it has surpassed that already and so the next level of note in that respect would be 61.8% and that could imply that 1.0840 is now a level that could provide further resistance. It is also interesting to note; the 21 day moving average is in place right now at 1.0848. The EUR/USD is currently trading at 1.0812