An unconvincing rebound in the GBP/USD as FTSE sets a record close

The FTSE 100 has just now closed for the day and it has been another record close for the UK stock market, at something just above 8,310. Meantime, despite the drop back in US yields this afternoon, the dollar has not really lost much ground anywhere really. Perhaps that is something of a surprises, but explainable in terms of the GBP/USD. The Pound has just now slipped back underneath its 200 day moving average again (1.2546). Earlier it managed to rebound to around 1.2565. It has since fallen back below 1.2540 again and the reason for that is all about the dovish tilt in the markets in terms of what they expect from the BOE on Thursday. It is not about any change in the base rate, as that is unlikely, it is more about the outlook for what is due in meetings to come. The GBP/USD is currently trading at 1.2543