Pound falls under the month-end dollar sword-check out the GBP/USD this morning

The rise in the dollar into the month end was clearly assisted by the higher than forecast US employment cost index, but perhaps it was also heading in that direction anyway. So, despite the Pound making some limited progress versus the Euro, the GBP/USD was unable to avoid dropping back below 1.25 into the monthly close. The GBP/USD ended the US session last night at 1.2492. The most recent wider range has been covered by 1.2300 on the downside and 1.2570 on the topside. The range seen so far today has been covered by 1.2471 to 1.2498, so as you can see, it has not managed to make it back above 1.25 yet today. If you care to look at a longer term chart of the Pound, you will see a series of lower highs in place since the beginning of March on the daily charts. Of course the dollar is key to whether or not that trend is bought to a halt, or not. The GBP/USD is currently trading at 1.2474