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GBP/USD makes it past the next rebound objective
The rise above 1.27 in the GBP/USD yesterday stopped short of surpassing a noted technical level, at 1.2720. The high seen was set at 1.2715. The pound later closed in the US at 1.2694. However, the further relapse in the dollar earlier today saw the GBP/USD drive through any resistance at 1.2720 and lift to a high at 1.2733. It has backed off from that high now, but has not fallen below 1.27 again since. The drop in US yields since this time yesterday is accounting for the demise in the dollar and that especially favours high yielding equivalent currencies, like the GBP and the NZD. In fact, if we look at equivalent 2 Year yields right now, we see the UK at 4.58%, compared to the US at 4.67% and that is the closest they have merged for some while now. The GBP/USD is currently trading at 1.2717
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