GBP/USD drops to 1.50, treasury yields rise

By FXStreet FXStreet (Mumbai) – The GBP/USD pair fell to a session low of 1.50 on broad based USD strength, before recovering slightly to 1.5010 levels.

USD gains as treasury yields rise

The 2-year treasury yield neared the 5-year high of 0.958% set earlier this month, which triggered a broad based rally in the USD in the European session. The UK economic data – consumer credit, mortgage approvals and the money supply figures released juts now did not get much attention from the markets.

Ahead in the day, the US housing data and regional manufacturing indices could influence the overall USD demand.

GBP/USD Technical Levels

The immediate resistance is seen at 1.5053 (Nov 24 low), above which the pair could re-test 1.51 handle. A break above would expose 1.5150 (hourly 200-MA). On the other side, support is seen at 1.50 and 1.4951 (Jan 23 low).
For more information, read our latest forex news. …read more

Source:: FX Street