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GBP/USD steps back from a look above 1.35 this morning
The further falls in the dollar earlier today allowed the GBP/USD to have a look above the 1.35 handle for the first time since July 16. The Pound had closed in the US on Friday, at 1.3483 and the high seen earlier this morning was set at 1.3506. It has stepped back from that high though, dropping back to 1.3464 since. UK yields were higher on Friday and it remains to be seen how that market will fare when it reopens at 7am GMT.
The longer-term GBP/USD chart is still showing corrective momentum, which if above 1.3558 could turn into something more dynamic, but it has to get above that level first. To be honest the move above 1.35 earlier today is still all about the dollar and not the Pound and that is something which probably needs to change, if the GBP/USD is to take more of a lead in its own affairs.
The GBP/USD is currently trading at 1.3470
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