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GBP/USD holds above 1.26 in Asian trading

Yesterday the relapse in the US dollar allowed the pound to recover. The GBP/USD rebounded steadily from an earlier session low at 1.2532, set earlier in the late European morning. That rebound delivered a move to above 1.26 ahead of the US close. The Pound later ended that session at 1.2598. The slight further falls in the dollar so far today have helped the GBP/USD reach a high at 1.2613. The low seen so far today has been set at 1.2594. There is some evidence of slight exhaustion up here though. The rebound seen yesterday did also deliver a close above its 200 day moving average (now in place at 1.2565). That level could now provide support today. Resistance lies in place higher up at 1.2640 and then at 1.2677. The GBP/USD is currently trading at 1.2605 

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