GBP/USD lifts to 1.2825 as earlier session dollar gains dwindle

Earlier this morning the latest US NFIB, small business optimism index slightly beat on forecasts, when it rose to 91.5, from an expected level of 90.2. Well, it has not materially impacted the dollar in a positive way so far. That is so often the case and on this occasion, even if it had the reaction would probably have been fleeting anyway. The bigger fish today is the Fed boss and his Senate testimony at 2pm GMT and ahead of this the dollar is just edging back from its earlier session highs versus the Pound and the Euro. The GBP/USD dropped back to a low at 1.2796. It has since risen back to 1.2825. It remains to be seen if there is going to be another attempt at tackling that 1.2848 level today. It is in the balance right now, but once again we look to Jerome Powell, to see if he will have an impact on the dollar and therefore on the GBP/USD. The Pound is just now trading at 1.2818