GBP/USD takes out 1.29 as EUR/GBP rebound continues

Well, after quite a few attempts to push the GBP/USD below the 1.2900 handle in recent days, the Pound has now fallen below that price point and it comes as the EUR/GBP continues to rebound this morning, following the lower than forecast UK inflation data. Given the relative price action of the GBP/USD and the EUR/GBP right now, it is clear the EUR/GBP is an immediate driver for the fall below 1.29 in the GBP/USD. It could also be that some stops were tripped below that 1.29 handle .The other thing to consider here, is the great deal of uncertainty surrounding that UK Spring statement, due at 12.30pm GMT. There might not be much in the way of any positives to extract from that later on. That is not helping the Pound right now. The GBP/USD is currently trading at 1.2895