GBP/USD struggling again this afternoon and here is the reason why

The rebound in the Pound earlier today was seemingly helped by comments from the BOE chief economist, Huw Pill. His hawkish comments briefly managed to lift the GBP/USD back above its 200 day moving average (1.2819) it had busted below prior to that. Well, the rebound from an earlier low at 1.2793 was not sustained and it has fallen back from just above 1.2830, to set a new low a short while ago, at 1.2784. The risks of a technically weak close tonight look live and one reason for the relapse this afternoon is because of a rebound in the EUR/GBP. That has managed to rise back above the 0.8300 handle once more. Earlier today the EUR/GBP traded down to 0.8271 after setting a new 2024 low yesterday, at 0.8260. The push back above 0.8300 this afternoon has added further pressure onto the GBP/USD, which is also struggling under the pressure of a dollar that is the king amongst the major currencies again today. The GBP/USD is trading right now at 1.2789