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GBP/USD extends push above 1.25 but GBP/JPY clamps the gains

The GBP/USD did press above its prior 1.2506 high yesterday and later closed in the US above that 1.25 handle, at 1.2505. That was a positive close and one that was built upon earlier today, when the GBP/USD lifted to a new rebound high, at 1.2540. It has backed off from there now, as the dollar steadies a little from earlier losses. There is no doubt here; that further profit-taking on long GBP/JPY positions (and EUR/JPY for that matter too) has helped to hold the topside in check on the GBP/USD. For example, if the GBP/JPY was near its highs, at say 188.00 and with the USD/JPY where it is right now (at 147.40), then the GBP/USD would be above 1.2750. Look, I know we can all use a calculator, but that pricing dynamic is worth pointing out, remembering that the Yen and Yen crosses are still mostly calling the shots for the other dollar pairings, as was repeated again here yesterday. The GBP/USD is just now trading at 1.2524

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