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GBP/USD unable to make the most of it yet
The GBP/USD rose to a high at 1.2715 after the release of the latest UK inflation data. However, as you can see, so far it has balked at the prospect of getting above a previous interim high, at 1.2720. Given the rise in the UK inflation data and the implications that has for UK interest rates ahead of the year end that is surely a disappointment to Sterling bulls. The Pound has fallen back below 1.2685 just now and that has also undermined any potential further rebound in the EUR/USD. The failure of the GBP/USD is make further headway is not yet terminal of course, but there is one reason why the Pound may not be taking full advantage of the data. This is surely due to the prospects of higher rates denting the UK growth outlook. That is seemingly eclipsing the support for the Pound from higher US yields. The GBP/USD is right now at 1.2687
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