GBP/USD retreats from one-month high

The GBP/USD pair retreated from the one-month high of 1.2584 on the back of the rise in the treasury yields. The currency pair was last seen trading around 1.2540 levels.

Focus on T-yields and US data

The US dollar demand remains the mercy of the action in the treasury yields. At the time of writing, the 10-yr yield was up seven basis points, while the 2-yr yield was up two basis points.

Later in the day, the preliminary University of Michigan consumer confidence number for November could influence the pair.

GBP/USD Technical Levels

A break above 1.2585 (previous day’s high) would open doors for an extension of Thursday’s rally to 1.2674 (50-DMA) and 1.27 (zero figure) levels. On the lower side, a breach of support at 1.25 (zero figure) could yield a re-test of 5-DMA of 1.2458, under which the 10-DMA support of 1.2406 could come into play.