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GBP/USD extends gains as EUR/GBP falls back

The Pound is extending the gains seen immediately following the release of the latest UK inflation reports. That data has seriously dented the outlook for an early rate cut from the Bank of England and it is almost certain that the BOE governor might need to rethink all that he spouted about yesterday. The markets are latching onto the data too and now re-pricing the outlook for an early UK rate cut and that is supporting the Pound right now. So, the GBP/USD has rebounded to just above 1.2470 a moment ago. The rebound there has come alongside a further fall back in the EUR/GBP. That cross has now fallen below its recent lows, as it tracks back towards the 0.8500 handle once more. The GBP/USD is currently trading at 1.2468 

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