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GBP/USD takes out technical support at 1.2589

The move higher in the dollar following the release of the ISM index has not left the Pound unscathed. The GBP/USD has now slumped to below its 200 day moving average again. That was in place at 1.2589 and the Pound has hit a session low so far at 1.2574. Whilst it might be wrong to rule out a rebound once more, the risk of the GBP/USD posting a daily close below 1.2589 tonight now look like, given this fresh bout of dollar strength and that strength seems entirely justified given the strength of that data. There is also a risk; that the pound might further extend to the downside now that it has busted the that 200 day moving average for a second time. The GBP/USD is currently trading at 1.2574

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