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GBP/USD sets a new 2024 high above 1.3050 and backs off immediately
Well, the Pound did manage to reach a new high versus the dollar a short while ago. The GBP/USD rose to a new 2024 high at 1.3052. However, no sooner was it there than it was not. The Pound shot lower towards 1.3025 in what can only be assumed was an immediate bout of profit-taking once a new high was established. There is no actual news to provide any other explanation and besides we are not yet talking about anything other than a minor relapse in the price action, which looks like it came from a 4pm London fixing order. The GBP/USD is currently trading at 1.3027
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