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GBP/USD takes out support at 1.2686
The dynamic gains in the dollar so far today have eventually weighed on all its major counterparts and not just versus the Yen. In fact the USD/JPY is right now pressing to session highs, as it rises above 150.60. That move has added further pressure onto the likes of the EUR/USD (just covered in the previous update) and the GBP/USD. So, the Pound has now broken below the noted 50 day moving average, in place at 1.2686. There might have been some stops tripped through that level too, because it did hold at the first time of asking, but not any more. The GBP/USD has now traded to a low at 1.2669. It is currently trading at 1.2671
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