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GBP/USD falls back underneath 1.26 as US yields lift

The further gains in the USD/JPY this afternoon are weighing on the EUR/USD and the GBP/USD, despite further modest upside in both the EUR/JPY and GBP/USD. So, the GBP/USD has now fallen back below 1.26 today. As to whether that extends further or not would seem to rest with how the price action in the USD/JPY plays out from now on. The  modest shift higher in US yields now today has also given the dollar to rebound versus the European currencies. The low seen on the GBP/USD so far has been set at 1.2590. That means it has tracked back closer to the 200 day moving average again. That is in place right now at 1.2565. The pound is trying to edge off that session low just now, currently trading at 1.2597

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