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GBP/USD grinds its way back above 1.2400
The Pound has done pretty well since coming under pressure much earlier today. The GBP/USD has bounced and the EUR/GBP has fallen back. The rebound in the GBP/USD has seen it force its way back above the 1.24 handle. The high seen so far has been set at 1.2407. The earlier session low was set at 1.2333. The other thing to note about this rebound; it has seemingly also stemmed from a corresponding rebound in the GBP/JPY. That has now lifted above the 189 handle. It seems that perhaps the move higher has also come from offshore demand for UK bonds, as the government here seeks to issue yet more debt. That is not a certain prognosis, but it looks like a sound excuse just now. The GBP/USD is currently trading at 1.2403
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