GBP/USD rebound stalls short of 1.25 for the time being

The relapse in the dollar since earlier on Friday allowed the pound some breathing space and the GBP/USD lifted from an earlier session low at 1.2375. The rebound that followed saw a steady climb into the US close, where it later ended the week at 1.2462. Earlier this morning, the GBP/USD came close to reclaiming the 1.25 handle again, when its rose to 1.2496. The high seen last week was set at 1.2506. This week sees the UK autumn statement on Wednesday and that is an event that will not go unnoticed by the pound. Ahead of that, the markets are not expecting much to emerge from this, but nevertheless it is high on the radar for the pound this week. Ahead of this, it is still the dollar that is the driver for the GBP/USD, but the pound is likely to take a much more central role when that budget is announced. The low seen since that earlier high this morning has been set at 1.2475. It is just now trading 1.2476