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GBP/USD edging back above 1.26 this morning
As the dollar bounced back yesterday and the EUR/USD fell very close to the 1.04 handle, that helped to push the GBP/USD lower and thwart any potential earlier CPI led gains. So, the GBP/USD fell back to around 1.2565 and it later set a US close at 1.2586. That lack of traction was despite some downside in the EUR/GBP. Indeed the EUR/GBP is a bit lower this morning and not far above the most recent low, around 0.8265. That has helped the GBP/USD to push back above 1.26 this morning. The high seen so far has been set at 1.2615. The high seen yesterday was set at 1.2640, so as you can see, it is not threatening that yet. The EUR/USD is a little higher now this morning and given the price action in the EUR/GBP right now, that is supporting the GBP/USD. As to whether it can rise further, to test that prior 2025 high, at 1.2640 is not clear at this stage, but not off the table either. The GBP/USD is right now at 1.2614
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