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GBP/JPY gains help GBP/USD to recover from below 1.2700

Yesterday the dollar did reach its highs versus the European currencies pretty much on the 4pm London fix, as was suggested might be the case in an update here. However, it did extend a little after that time and that saw the GBP/USD drop below 1.2700, to a low at 1.2690. The pound later closed in the US at 1.2710. So despite briefly breaching its 21 day moving average, it did not extend the move and later closed above the level anyway. Earlier today the pound had another look on the downside, but once again it managed to rebound from a session low at 1.2687. The rebound since then has taken it back to 1.2735 a short while ago. It is not much below that high right now and one thing is clear from this rebound and that is it has been led by gains in the GBP/JPY as much as anything else. The GBP/JPY has lifted to test 184.50 today. The GBP/USD is currently trading at 1.2727

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