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GBP/USD falls below 1.27 ahead of UK jobs report this morning

The push back to the US dollar in Asia today has delivered a move close to 1.0900 in the EUR/USD and above 146 again in the USD/JPY. At the same time the GBP/USD has now fallen below 1.2700. Given the dynamics of the price action seen yesterday in the pound, I did warn not to rule out further downside and as you can now see, that is what we have this morning. The GBP/USD is hitting session lows as I write this very early update. The fall below its 21 day moving average (now at 1.2713) seems to have forced some system based selling too. The fall in the pound also comes ahead of the latest UK monthly jobs report, at 7am GMT this morning. That will need to be good for the pound to reclaim levels above that 21 day moving average, or else the risk of a deeper fall towards 1.26 could play out. The low seen a moment ago was set at 1.2677. The GBP/USD is currently trading at 1.2681
 

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