GBP/USD slips below 1.2950 again as Dollar rebounds

The push back above 1.30 in the GBP/USD came even after the BOE cut rates yesterday. Now that more than 100 pip rebound might have surprised some in the markets, but let us not forget that was mostly about a reversal in the dollar, after the gains seen from the Trump led surge in the US currency. The Pound made it to a high at 1.3009 yesterday afternoon and later dipped just below 1.2950, before rebounding back towards 1.30 after the Fed cut rates last night. Well, it has just now fallen back below that 1.2950 level again and that is not very positive. The fact that the BOE may not cut rates again next month is not seemingly a factor right now and this looks more like a resumption of the higher dollar dynamic. I said yesterday the relapse in the dollar was correctional and nothing seen since gives rise to detract from that. So, the GBP/USD is right now extending that break below 1.2950, as one might expect. The Pound is currently trading at 1.2942