Pound bounces back following today's rate cut ...Middle East

Some of that is broader US dollar weakness as trade tensions diminish but it's also an impressive show of resilience for the pound. There are some deep worries about slowing growth at the moment but Trump has highlighted that he's not looking for a trade fight with the UK. The could mean we're near the point of maximum pessimism on the UK economy, though I don't rule out more domestic political angst.

Technically, the drop today didn't come close to the recent lows and the weekly chart is showing increasing confidence of a double bottom at 1.21.

This article was written by Adam Button at www.forexlive.com.

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