The British Pound (GBP) slipped after Monday’s European open, but found strong support on dips and recovered ground later in the day. The Pound to Dollar (GBP/USD) exchange rate bounced from 1.2750 lows to trade back above 1.2850. GBP/USD strengthened to highs near 1.2900 in Asia and traded above this level after the latest UK labour-market data. Following the data, markets priced in over a 50% chance that the Bank of England (BoE) will again increase interest rates by 50 basis points at the August meeting. There was, however, a retreat in the 2-year gilt yield to 5.27% as global yields declined. GBP/USD was unable ... (full story)