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GBP/USD reclaims 1.27 again

As early US players return to the markets the dollar is edging back a little versus the European currencies and that has allowed the Pound to make some headway. The GBP/USD has just now lifted back above the 1.27 handle. It did that yesterday too, but the move stalled then at 1.2709 and it then fell back to a low at 1.2663, as the dollar recovered. The Pound closed last night at 1.2678. It has spent all day below that 1.27 handle until a short while ago, when it lifted above it once more. The high seen so far has been set at 1.2705 and it seems some short-covering ahead of the US CPI data release is in place just now. 

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