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GBP/USD hands back earlier gains as EUR/GBP lifts
The earlier push above 1.3444 in the GBP/USD initially delivered by the higher than expected UK inflation prints has now given way to a fall back towards the 1.34 handle. The reasons for that are twofold. First the dollar has bounced from earlier lows and second the EUR/GBP has lifted at the same time as the EUR/USD falls back below 1.1325. That has really undermined traction in the GBP/USD. The EUR/GBP has risen towards 0.8450 after it held the noted 100 and 200 day moving average support again yesterday. So, the GBP/USD is right now at 1.3407
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