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GBP/USD sets highest daily close since August 1

The push above the previous interim high, at 1.2733 in the GBP/USD yesterday did deliver an extension, as was expected here. The pound later rose to a high at 1.2794. It did back off a little into the US close, where it ended the session at 1.2767. That was the highest daily close for the pound since August 1. The refusal of the Bank of England to call time on further UK interest rate rises lay at the heart of this positive close and of course that coupled with a significantly weaker dollar endorsed the upside as well. I also noted here yesterday about the prospect of the pound reversing its prior fall from 1.2733 to 1.2500 and perhaps flipping that around to produce a measured move to 1.2966. I have no reason to detract from that and what else I had to say about the pound yesterday. The range seen so far today has been covered by 1.2747 to 1.2774. The GBP/USD is currently trading at 1.2766

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