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GBP/USD slips back as USD/JPY holds above 144 for now

The rebound in the USD/JPY covered here earlier this morning has added some downside pressure on the GBP/USD this morning. The GBP/JPY of course did not escape the Yen gains yesterday and at one point that cross melted to below 179. It has recovered back above 181.50 earlier today, but it is slipping again just now and right at this minute, it is the GBP/USD that is taking the immediate strain. The GBP/USD did lift above 1.26 yesterday afternoon, but it could not hold that modest bounce into the US close, where it ended that session at 1.2594. It is tracking lower again right now/ The pound has just hit a session low at 1.2561.

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