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GBP/USD takes a hit in early European trading and here is why
The GBP/USD has just this minute taken a hit, to set fresh session lows underneath 1.2350 (1.2345 the low just then). The Pound had closed in the US last night at 1.2368 after failing to climb back above 1.2425 yesterday. The driver for the move this morning appears to rest with a push higher, towards 0.8350 in the EUR/GBP, as that is right now on session highs. The nearest support point of note on the GBP/USD is an upward trending support level, in place right now around 1.2310. The EUR/USD is pretty static at the moment and so is the USD/JPY for that matter just now. So, it does seem like the EUR/GBP is the immediate driver for this move in the GBP/USD, currently trading at 1.2349
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