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GBP/USD rises to session high in PPI reversal move

Following on from the previous update, noting the price reversal in the EUR/USD above 1.0800, that has now extended a little more. At the same time the corresponding reversal in the GBP/USD has also delivered new session highs above 1.2570 and of course the pound is now back above that 200 day moving average once more. The dollar is not exactly making the best of what the data delivered for it today and that is adding momentum to the downside just now. Of course this move might blow out again, but for now the US currency is on the back foot. The GBP/USD is right now trading at 1.2574

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