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GBP/USD rides out weaker dollar as EUR/GBP extends fall

The GBP/USD is pushing closer to recapturing the 1.27 handle as the European markets draw to a close. The rebound that has unfolded in the EUR/USD, from an earlier session low at 1.0829 has now delivered a rebound to above 1.0875. So, because the EUR/GBP has fallen further at the same time, that has allowed the GBP/USD to rise further and close in on that 1.2700 handle. The EUR/GBP fall has seen it drop below 0.8575 and that continues to underpin the directional calls made here for a while now, underpinning the technical negative close set some days back. The high just set on the GBP/USD has been at 1.2690. It is just now coming off that high, currently trading at 1.2682
 

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