GBP/USD lifts to session highs above 1.3080 as pressure comes back on EUR/GBP

Now that the 4pm London FX fix has been and gone the GBP/USD is pushing to fresh session highs above 1.3080. At the same time the move higher in the EUR/USD appears to have run out of steam and the Euro has stalled short of rising above 1.1050. The high seen this afternoon, following the ECB decision to lower all its benchmark rates has been set at 1.1047. It is now edging back down. So, the upshot of this; is the EUR/GBP has just now dropped to session lows, as it falls back towards 0.8435. So, if one steps back and views the ECB policy change coupled with the outlook for the BOE to remain on hold next week, that does rather underscore the potential for the Euro to fall versus the Pound. Now, that is not to say that it will, but beyond the obvious, there is certainly no barrier based on the opposing monetary policy outlook now in place. The GBP/USD is currently trading at 1.3081