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Not much traction yet today for the GBP/USD

Yesterday the rebound in the dollar pushed the pound close to the 1.26 handle. Earlier in the day the GBP/USD had traded at 1.2760. The low seen after that and just after the 4pm London Fix was set at 1.2611. The pound later closed in the US at 1.2617. It has edged hight today, but so far the rebound has been modest, with 1.2646 being the high. There are a few headlines and articles out there highlighting the prospect of an early cut in rates by the BOE, but those are all about opinion, more than about reality at this stage. The move lower yesterday was all about the recovery in the dollar and all the while that remains intact, then a rebound above 1.27 could prove hard fought for the pound. The low seen earlier today was set at 1.2616. The GBP/USD is currently trading at 1.2638
 

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