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GBP/USD sets a technically negative close
The GBP/USD fell further under the sword of a surging dollar yesterday. The Pound dropped to 1.2719 and later closed in the US at 1.2748. That close was some way below the 200 day moving, still place then and again today, at 1.2819. The price action so far today has seen the GBP/USD peak earlier at 1.2755. The low seen so far this morning has been set just now at 1.2730. The nearest support level of note beyond 1.27 itself would be the August 8 low, at 1.2665. Hence 1.2665-1.2819 look like the immediate demarcation lines of note this morning. The fact that UK yields are rising could normally be supportive for the exchange rate, but we have to remember the same dynamic is also playing out in US yields too.
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