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GBP/USD edges to session highs ahead of US ISM data

Yesterday the GBP/USD was unable to sustain a move that had seen it reach a new interim high at 1.2817 during the Asian session. The Pound later fell back to at 1.2743 ahead of the latest US JOLTS data. The rebound that followed stalled short of the 1.28 handle though and the GBP/USD later closed at 1.2770. Earlier today the Pound fell back to a low at 1.2765, but a short while ago it rose to set a session high at 1.2789. Granted the price action is very subdued by any measure, but that might change once the US service sector ISM data hits the screens. Currently the Pound is in an uptrend, but at the same time gains beyond 1.28 sure have proved elusive. The other thing to note right now too; is that the currency seems undaunted by the prospect of a Labour government after July 4. However, it is early days on that and besides it is probably what comes after such a change that might matter most. So, for the time being the Pound is still benefitting from the high cost of carry to bet against it and the prospect that will not change until after the election at the earliest. The GBP/USD is right now trading at 1.2782
 

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