GBP/USD steadies around 1.2700 as dollar edges off highs

Earlier this morning, the noted fall below 1.0500 in the EUR/USD helped to drive the GBP/USD lower, despite fresh downside in the EUR/GBP at the same time. So, that delivered a session low for the GBP/USD at 1.2679. However, the Pound has lifted back above 1.2700 since then and seems to be steadying. The high seen on Friday was set at 1.2750 and the Pound closed out the month thereafter, at 1.2735. The earlier session high today was set at 1.2747. So, as you can see, it has remained underneath the highs seen on Friday and that top comes ahead of the 200 day moving average, still travelling across the screen, at 1.2820. If there is a further push higher today, above 1.2750, the Pound will likely still meet stiff resistance at that price point. Of course it has to threaten 1.2750 first and at this stage that is far from certain either. Perhaps the important US ISM report (3pm GMT) could have a say on that too. That will be the subject of the next update. Meanwhile, the GBP/USD is currently trading at 1.2703