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GBP/USD backs off from rebound highs

The initial fall in the GBP/USD on Friday afternoon, saw the pound hit a low at 1.2612, as it took out a series of interim lows seen the day before, at around 1.2620. The spike higher from 1.2612 came after the US service sector ISM report sent the dollar reeling. The GBP/USD rose to 1.2771, but it was unable to hold all that gain into the weekly close, when it ended the session at 1.2720. It has traded mostly sideways since and so far today the range has been covered by 1.2698 to 1.2730. It is in the middle of that range right now and awaiting further drivers by the looks of it, be that from the Dollar or the EUR/GBP. The GBP/USD is still holding above its 21 day moving average (currently at 1.2686) and the 50 day moving average has now crossed above the 200 day moving average. That is a positive indicator, but levels above 1.28 remain elusive for the time being. The GBP/USD is currently trading at 1.2715 

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