GBP/USD holds onto 1.25 again

An update here yesterday afternoon noted how the GBP/USD was perilously close to breaking a noted double bottom, in place at 1.2501 and 1.2505. Well, in the event it did not and the low, at 1.2507 remained the low of the session. The Pound later rebounded, as the steam came out of the dollar and the GBP/JPY (along with the EUR/JPY) rebounded, as US stocks came off their lows. The GBP/USD lifted back to 1.2556 and later closed in the US at 1.2550. The price action so far this morning has not seen it deviate much from that closing level. The range seen so far has been covered by 1.2536 to 1.2560. It is right now towards the upper end of that range, as US yields slip this morning and the equivalent UK yield remains elevated. That is a supporting factor, but beyond that we must consider any potential demand for the dollar today and the impact any significant moves in the GBP/JPY and the EUR/GBP might have on the GBP/USD. There will be more to add in due course. The GBP/USD is currently trading at 1.2555