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GBP/USD edges back from first look above 1.27 today

The rebound in the dollar on Friday did for any further gains in the GBP/USD, despite it coming close to the 1.28 handle prior to that. The pound later dropped back below 1.27 and closed out the week below that level too, when ending in the US at 1.2681. It has traded to a low at 1.2666 earlier today and also more recently managed to briefly recover above 1.27 again. The high seen so far has been set at 1.2704. The problem for the GBP/USD right now is the dollar and that is getting in the way of what could still be measured move closer to the 1.30 handle. I got to be honest with you and say personally it would suit me to head that way, as I have overseas expenses there, but no open interest beyond that. So, unless the EUR/USD can charge above the 1.10 handle this week, or the EUR/GBP takes a proper dive below 0.8550, the topside for the GBP/USD looks like it is going to be a battle. The GBP/USD is currently trading at 1.2688
 

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