Cable adds to gains, nears 1.25 | Forexlive

The US dollar remains lower on the day as yields slip but the pound and euro are doing most of the work. In the past few minutes, the pound has made another push as it threatens stops above last week’s highs.

The pair has touched 1.2474, which is the highest in 10 days. The high of the year came on April 13 at 1.2547 but that was followed by a sharp intraday reversal lower to 1.2350 in a sign of a potential top. However that reversal will be scrubbed if GBP/USD can get to a new high.

For that to happen, I think we will need a much more-definite fundamental catalyst than anything that’s happened this week so far.