GBP/USD has a look at 1.26 this morning

Yesterday, the fall in the dollar allowed the Pound to make progress. The GBP/USD had already flipped an erroneous fall below its 200 day moving average (then at 1.2541) and once back above that, it did not look back into the US close. This was mostly about the dollar though and not the Pound. The weaker US currency allowed the GBP/USD to post a daily close at 1.2592, some way above its 200 day moving average (now in place at 1.2540). That close was also right on its 50 day moving average (in place right now at 1.2592). So, positive momentum since then has kept the Pound on the front foot this morning and it has traded at 1.2600 today. The next potential resistance level is now at 1.2632 (100 day moving average). The range seen so far this morning has been covered by that 1.2600 high and an earlier low at 1.2584. The GBP/USD is currently trading at 1.2595