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GBP/USD rebound above 1.27 runs into dollar recovery

The pound performed well in relative terms last week and that eventually saw it reclaim the 1.27 handle. The pound also managed to set a daily and weekly close above that level, when closing in the US on Friday, at 1.2710. A good deal of that was due to further downside in the EUR/GBP. The pound did try to vault the current 2023 high (1.2733) earlier today but it has run into a more general dollar rebound and a modest push higher in the EUR/GBP at the same time. So, with the EUR/USD edging lower this morning, that has sent the GBP/USD back down from an earlier session high at 1.2725, towards 1.2650 as I write. So, as you can see, the price dynamic is al about the dollar so far this morning and that has sent the GBP/USD to a low so far at 1.2662, where it is right now 
 

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