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GBP/USD lifts above 1.2750 as EURGBP falls below 0.8650

The Pound is making some headway right now this morning. The GBP/USD has just this minute extended an earlier rebound from a session low at 1.2710 set during the Asian session. A major driver behind the move has come from fresh downside in the EUR/GBP this morning. That cross had closed out 2023 on Friday at 0.8669. It has traded to a low at 0.8646 so far this morning. That move plus a slight relapse in the dollar over the past few minutes has allowed the GBP/USD to hit a session high at 1.2760. Support at 1.2700 was tested twice on Friday, but as covered here at the time, on each occasion it held firm. That has provided a platform base for the rebound we are seeing play out so far today. Immediate topside resistance remains at 1.2827, from the high seen last Thursday. The GBP/USD is currently trading at 1.2750 
 

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