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Modest GBP/USD rebound fails to deliver a positive close

Yesterday the Pound remained under pressure from the dollar and that saw the GBP/USD fall to a low at 1.2540. However, an afternoon relapse in the dollar helped the Pound to rise into the US close. That close was set at 1.2578. Unfortunately for the Pound it was still below its 200 day moving average, which means it was not conclusive in terms of suggesting the GBP/USD has yet based out. All the while the Pound continues to set daily closes below that price level, it will remain with a negative bias hanging over it. Indeed, the high seen so far today is yet to tackle that 200 day moving average, which remains in place at 1.2588 this morning. The high seen so far has been set at 1.2583. Of course we have important US data due out later on- the March ADP report and the ISM Services sector index- more on those later though. The low seen in the GBP/USD today has been set at 1.2567. It is currently trading at 1.2572 

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