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GBP/USD edging back above 1.26 with BOE set to hold rates later today
The GBP/USD fell back to 1.2563 last night. That was understandable given the rush back to the dollar. Perhaps it might have fallen further had it not been for a corresponding move lower in the EUR/GBP at the same time. The GBP/USD later closed in the US at 1.2574. However, it has rebounded back above the 1.26 handle now this morning. That rebound stems from a move back above 1.04 in the EUR/USD coupled with fresh upside in the GBP/JPY this morning, as the Yen weakens across the board. The recovery back above 1.26 in the GBP/USD is also garnering some traction from the prospect of the BOE not cutting rates today. That is seemingly as much a supporting factor for the Pound as it is a negative one for the FTSE 100. However, on the very slim chance the BOE might cut, it will not be the case. So, the GBP/USD is right now close to session highs (1.2615), currently at 1.2608
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