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GBP/USD still hanging in there

Just ahead of the European stock market opening this morning the dollar is still very much on the front foot versus all its major counterparts. The inability of the EUR/USD to shake off its run of technically weak closes last night was covered here earlier and so was the USD/JPY rise to a new 34 year high. At the same time, the Pound has struggled for traction. That said the GBP/USD has managed to hold above a noted support level so far this week. That is also its 200 day moving average and it rejected a fall below there on Monday and rebounded to a high yesterday at 1.2668. However, it did of course track the EUR/USD lower last night into the close, ending that session at 1.2628. Earlier this morning the Pound dropped back to a session low at 1.2609, but it has rebounded off that low since then. Meantime, that noted 200 day moving average is in place today at 1.2591. The GBP/USD is currently trading at 1.2628 

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