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GBP/USD creeping closer to 1.30 again
The fall in the US dollar since August 5 has allowed the EUR/USD and the GBP/USD to advance and now the Pound is pushing its way ever closer to the 1.30 handle once more. The GBP/USD peaked at 1.3044 back on July 1.3044, before it fell back towards 1.2650 on August 8. Well, since then the combination of a rebound in the GBP/JPY and relapse in the EUR/GBP has helped the GBP/USD to press higher, notwithstanding a rate cut from the Bank of England in the meantime. The GBP/USD closed in the US on Friday at 1.2944. It has reached a high so far today at 1.2969. As things stand right now, it seems a further weakening of the dollar is likely required for the Pound to reach new 2024 highs this week. The GBP/USD is currently trading at 1.2962
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