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GBP/USD falls back from another 2024 high
Yesterday after the rebound in the GBP/USD saw it rise sharply into the 4pm London Fix. What is clear from looking at that price action, is there was a spot month-end order to buy the Pound. That is because the GBP/USD reached another 2024 high just ahead of that event. The Pound rose to 1.3434, narrowly surpassing the high it set just the day before, at 1.3430. It later closed in the US at 1.3415, but so far today it has been falling back and largely due to the surge in the USD/JPY noted in the previous update. That has dented the topside for the Pound this morning, notwithstanding a rise above the 195 handle (and close to 196) in the GBP/JPY. The low seen so far this morning in the GBP/USD has just been set at 1.3375. It is currently trading at 1.3380
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