GBP/USD retreats from one-week tops, up little around 1.3755-60 region
The GBP/USD pair retreated around 50 pips from daily tops and was last seen hovering near the lower boundary of its daily trading range, just above mid-1.3700s.
The pair prolonged this week's rebound from the 100-day SMA support near the 1.3670-65 region and gained traction for the third consecutive session on Wednesday. The momentum pushed the GBP/USD pair to one-week tops and was exclusively sponsored by sustained US dollar selling through the first half of the trading action.
Bulls, however, struggled to capitalize on the move or find acceptance above the 1.3800 round-figure mark. As investors digested Tuesday's rather unimpressive US CPI report, a modest pickup in the US Treasury bond yields assisted the USD to rebound from three-week lows and prompted some selling around the GBP/USD pair.
GBP/USD analysis: Reaches 1.3800 mark
GBP/USD
The GBP/USD currency exchange rate broke the resistance of the weekly simple pivot point, the 200-hour simple moving average and the resistance zone of the recent April high levels. It resulted in the rate testing the resistance of the 1.3800 mark.
On Wednesday, the rate had bounced off the 1.3800 level and was heading to the support of the 55 and 100-hour simple moving averages. Note that the 200-hour SMA and the weekly simple pivot point did not provide support for longer than one hour.
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