GBP/USD still has eyes on 1.3434

The Pound performed pretty well yesterday and continued to press higher from an earlier session low at 1.3203, seen just as the European markets opened. The later high was set at 1.3275 just ahead of the US close. The GBP/USD closed in the US at 1.3266. The range seen so far today has been very tight as you might expect with Asia petty much on its own in the absence of most European and US players. That is so far covered by 1.3254 to 1.3284. Overall the outlook remains positive and not least due to the UK bond market and slightly brighter outlook for the UK economy over the past couple of weeks. There is evidence of flow back into UK stocks and some of that has clearly come from over the Pond. That is supporting the Pound versus the dollar and the rate cut from the ECB yesterday is adding a degree of support now versus the Euro. However, despite rising above 1.32 most recently, the Pound is yet to crack the 1.33 handle. However, the outlook for it to eventually do that and then press on towards the 2024 high (1.3434) is still valid, as it was when mentioned here a while ago. The GBP/USD is trading right now at 1.3269