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GBP/USD reclaims 1.24 as dollar wilts and GBP/JPY reaches new 2023 high

The dollar sure is getting beaten up after that benign CPI data and so much so that the GBP/USD has now lifted above the 1.24 handle. At the same time the resilient price action in the USD/JPY has delivered a move to above 187 in the GBP/JPY. This was a potential highlighted move here earlier today and now it is playing out. The GBP/JPY has busted above its 2023 high which was in place at 186.77. The move higher has now extended to 187.29 and it may not be finished with yet, but we shall see. The high in the GBP/USD so far has been set at 1.2407, just as I conclude this update 
 

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