GBP/USD steps back from 1.2250.

Yesterday the GBP/USD fell to its lowest level since November 1, 2023. The Pound touched the 1.2100 handle, as the EUR/USD hit a low at 1.0178. The rebound that followed saw it lift above 1.22 right on the US close, where it ended that session at 1.2202. Earlier today it pushed onwards and hit a session high at 1.2250. Since then it has backed off and fallen to a session low so far, at 1.2192. The rebound is still some way short of any technical levels of note and in that sense looks merely corrective at this stage. UK yields are not the driver behind the rebound, but they remain elevated this morning. To be honest with you this all looks more dollar centric than anything else. There will be more to add as the day unfolds, but for now it seems the Pound is taking advantage of some paring in dollar longs and little else at this stage of the day. The GBP/USD is currently trading at 1.2208