This is worth noting- GBP/USD backs away from another 2024 high

Earlier today the GBP/USD rose to its best levels of the year. The Pound, which had closed in the US last night at 1.3347, earlier rose to a new 2024 high, at 1.3366. However, it has backed-off from that high now, due to a drop back in the EUR/USD and a slight up-tick in the EUR/GBP (back towards 0.8333) at the same time. That said, if we stand back and look at the shift in US and UK yields we can see something that is underpinning the GBP/USD. You see for most of this year UK 10 year yields were constantly below that of their US equivalent. However, cast an eye on them this morning and you will see that UK 10 year yields are now at around 3.95%, where the US is around 3.75% . That is quite a sea change folks. The GBP/USD is currently trading at 1.3337