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GBP/USD meeting resistance above 1.2650

Yesterday the GBP/USD had ample opportunity to rise above 1.2650 and perhaps move onto test the next, noted technical level at 1.2720. Well, in the event it could not make it past 1.2650 despite several attempts. The GBP/USD later closed in the US at 1.2627. It is drifting lower so far today, down from an earlier session high at 1.2642, towards 1.2600 in more recent trading. The reason for that is a more general rebound in the US dollar versus Europe, witnessed mostly by the fall in the EUR/USD this morning. So, the prospect of further gains in the pound versus the dollar have been stymied for the time being. Perhaps, if the EUR/GBP were to make a more dynamic move lower, that might change, but in truth everything is moving at a rather pedestrian pace so far this week, with the exception of the USD/JPY at times. The GBP/USD low seen a short while ago was set at 1.2610. It is currently trading at 1.2618
 

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