GBP/USD lifts to new session highs as EUR/GBP edges lower again

Since my last update here the pound has now made further progress. The GBP/JPY is well above earlier session lows , despite another relapse in the USD/JPY from above 149.30. However, the standout gains right now are versus the Euro and the Dollar. The GBP/USD has just a moment ago risen to fresh session highs above 1.2635. That is partly due to the EUR/GBP falling back and comes despite the EUR/USD trying to press towards that 1.0960 level once more. The EUR/GBP has fallen back close to session lows, underneath 0.8670. That endorses the technically negative close seen on Friday. The truth is that the ECB is going to cut rates before the BOE does and that is supporting the downside in the cross. The next level of any real note on the GBP/USD remains as noted here earlier, at 1.2720. The GBP/USD is currently trading at 1.2632