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GBP/USD still struggling to deal with the poor UK economic data released today
As covered here much earlier this morning, the reaction in the Pound to the disappointing UK data releases today saw the GBP/USD edge back from session highs above 1.31. Well, since then the Pound has dropped back a bit more. One driver for the move has been a slow grind higher in the EUR/GBP. That is now pushing to session highs above 0.8445. That is adding pressure on the GBP/USD, as the EUR/USD remains pretty much static right now. So, in essence the Pound could do with a weak US CPI report this afternoon, if it is to avoid further downside today. The GBP/USD is currently trading at 1.3077
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