GBP/USD still refusing to reclaim 1.30

Please take a moment to look at a chart of the price action in the GBP/USD since last Thursday. If you do that you will see the Pound rejected a move above 1.30 three times that morning, peaking at 1.2999, 1.3000 and 1.2998 respectively. The slide that followed that day saw it dive to a low at 1.2844, before rebounding into Friday morning. The further gain on Friday came after the weak US jobs and ISM data, but it still could not vault that 1.30 handle. The GBP/USD peaked at 1.2980 on Friday afternoon and then fell back towards 1.2900, before setting a weekly close at 1.2924. Earlier today the slide in the USD/JPY and rebound back above 1.09 in the EUR/USD helped the Pound rise to a session high so far at 1.2999. So, as you can see there appears to be some serious sellers still in place around that 1.30 handle. What seems clear; unless the dollar takes another hit, those sellers might continue to cap the topside for the time being, but of course right now this is largely a dollar dynamic, where last week it was one more skewed to the Pound and the fallout from the UK budget. The range seen so far today has been covered by that noted high and an earlier low at 1.2951. The GBP/USD is currently trading at 1.2975