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GBP/USD backs off from test of 1.22

The rebound in the pound continued later yesterday afternoon, but not until the GBP/USD had dropped back to test the noted support at 1.2110. The actual low was set at 1.2108, but in effect that 1.2110 did cap the downside run, as was suspected here earlier in the day. The move higher then extended into and after the European close. The GBP/USD later ended the US session at 1.2192, which was right on its highs of the day. However, the pound has been unable to make it above 1.22 so far today, backing off from an earlier session high at 1.2194. The low seen since has been set at 1.2170. Despite that, this correctional rebound still looks intact, but just like many other instruments today, that is subject to whatever the US monthly jobs report has to throw at it. The GBP/USD is just now trading at 1.2171
 

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