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GBP/USD rebound runs out of steam
Yesterday the weaker dollar allowed the GBP/USD to push higher and later in the day and the Pound almost reached the 1.27 handle. The high seen was set at 1.2694 and as you can see, it stalled short of testing the next technical resistance level, at 1.2710. The Pound later closed in the US at 1.2680. It has backed-off a bit more this morning and is pushing down towards 1.2650 just now. The truth of the matter; is that it seems only dollar weakness yesterday was the driver for the move towards 1.27 and without that the GBP/USD would have not fared that well. The question now; is can it make more of a recovery? Doubts remain and much will depend on the path of the dollar going forward. The GBP/USD is currently trading at 1.2651
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