GBPUSD keeps pullback from monthly resistance above 1.3500
GBP/USD is trading slightly above 1.3560, the Fibonacci 23.6% retracement level of the latest uptrend. If buyers manage to defend this level, the pair could push higher toward 1.3600 and 1.3620 afterwards.On the four-hour
, the Relative Strength Index indicator is holding above 50, suggesting that sellers stay on the sidelines for the time being. has managed to inch higher after falling toward 1.3500 earlier in the week and started to test the near-term resistance that seems to have formed at 1.3560 early Wednesday. In case this level turns into support, the pair could target 1.3600.
The risk-positive market environment alongside retreating US Treasury bond yields are making it difficult for the greenback to stay resilient against its rivals early Wednesday and helping GBP/USD gather bullish momentum. The UK's FTSE 100 Index is up 0.6% and S&P Futures are up 0.2%, reflecting the upbeat mood.
Although there won't be any high-impact macroeconomic data releases from the US on Wednesday, investors will look upon the 10-year US Treasury note auction for fresh impetus. The benchmark 10-year US Treasury bond yield is down nearly 2% after reaching its strongest level in more than two years at 1.97% on Tuesday. The dollar could outperform its rivals if the 10-year yield rises above 2% on weak demand at the auction and vice versa.
Meanwhile, in a report published on Tuesday, the British Parliament's Public Accounts Committee called upon the government to work with the EU to ease Brexit-related setbacks at UK ports. The PAC noted that businesses were facing increasing costs and said that the situation could worsen but this report doesn't seem to be having a noticeable impact on GBP/USD.
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