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GBP/USD takes out 1.24 today

Yesterday the GBP/USD was not able to hold the recent rise to above 1.25.The pound fell back for most of the session and later closed in the US 1.2416. The drop back and lack of upside momentum into that close delivered a further fall earlier today. The GBP/USD fell to a session low at 1.2380 earlier this morning. It is bouncing off that low now but as yet it has not made it back above the 1.24 handle. This is all about the rebound in the dollar coupled with the impact of the lower than forecast UK inflation reports yesterday morning. However, as things stand right now, the price action seems corrective to the more dynamic rise from the recent lows, to the high earlier this week at 1.2506. The GBP/USD is currently trading at 1.2398

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