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GBP/USD steps back as European markets reopen
Yesterday the GBP/USD crumbled to a low at 1.2239 right as the European stock markets opening. The subsequent rebound from that low saw the Pound reach a high at 1.2323. The synthetic US close last night was set at 1.2308 and since then the Pound has been tracking lower again this morning. The low seen so far has been set at 1.2267. As noted here many times already this week, the push higher in longer term UK yields is not supporting the currency, as it is symptomatic of a much deeper malaise that has driven the UK yields to levels not since the 2008 financial crisis. There will be further updates on the Pound today, not least what impact the US jobs report might have on it later. The GBP/USD is currently trading at 1.2276
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