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GBP/USD tests 1.2700 as dollar lifts into the 4pm London Fix

The pound has not escaped the rebound in the dollar just noted in the previous update. The GBP/USD has just a moment ago tested the 1.2700 handle and is therefore close to its 21 day moving average. That 1.2700 level is holding for the time being and it is worth noting that this renewed dollar strength is coming as the markets head into the 4pm London Fix. So, it remains to be seen if the US currency will pare back this latest rise once that event is out of the way in a couple of minutes from now. The GBP/USD is currently trading at 1.2705

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