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GBP/USD extends rise above 50 Day moving average as GBP/JPY rises above 186

Since my last update here the dollar has weakened versus the European currencies and that has seen the EUR/USD rise back above 1.07 again. At the same time the Pound has fared well versus the weakening US currency and the GBP/USD has now extended a more further above its previously noted resistance, at 1.2261. That was and still is the price point of the 50 day moving average. The GBP/USD has just now hit a new session high at 1.2276. The move higher in the GBP/USD has also delivered a rebound in the GBP/JPY, back above the 186 handle for the first time since the end of August. The GBP/USD is just now trading at 1.2270 

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