GBP/USD under pressure this morning

The sharp fall in the GBP/USD yesterday morning after the latest UK inflation data disappointed the currency did eventually deliver a fall to below 1.2629. However, it took quite a few attempts to do that. However, as suspected and conveyed here, any minor rally in the pound was met with fresh sellers. The final push above 1.2680 was subsequently sent back into the US close, as the pound later fell slightly below that support at 1.2629. It later closed in the US at 1.2639. An earlier rebound to 1.2652 today has met with the same treatment and now we are talking about fresh session lows a moment ago. The pound has now fallen below its 21 day moving average, which is currently in place at 1.2631 and all the while that is not recovered on a sustained basis, then further downside risks will remain in place. The low seen so far has been set at 1.2618. The GBP/USD is currently trading at 1.2619