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Pound eyeing 1.25 this morning-check out the GBP/USD right now

The pressure on the dollar versus the European currencies just noted in the previous update is being seen in the GBP/USD right now. The Pound is rising close to 1.25 this morning amid that further dollar weakness and a relapse in the EUR/GBP. That has now extended a move back below the 0.8600 handle that started to unfold yesterday. So, the combination of relative Euro weakness and Dollar pressure is pushing the GBP/USD to its best levels of the week so far and lifting it further away from the lows seen on Monday, at exactly 1.2300. The rise above 194 in the GBP/JPY today is also supporting the GBP/USD. The GBP/USD closed in the US last night at 1.2464. The move towards 1.25 this morning is taking the pound back closer to the high at 1.2559 seen on April 12. The Pound is just now trading at 1.2495 

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