GBP/USD tests 1.3150 this morning

The rebound in the Pound versus the weaker dollar since yesterday afternoon extended into the US close. The GBP/USD ended the US session at 1.3124 and it has made further progress today. The high seen so far has been set at 1.3151. That means the Pound is back within clear striking distance of the 1.3200 handle and a bit closer to the current 2024 high, at 1.3266 set the other week. As to whether it can retest that level from here is not certain though, especially with the BOE policy meeting due next week. However, if the Fed cuts by 0.50% next week and the BOE remains on hold, then we could so easily see that level taken out and perhaps threaten the 2022 high, at 1.3298. Of course such outcomes are far from certain at this stage, but potentially possible at the same time. The GBP/USD is currently trading at 1.3145