The GBP/USD pair oscillates in a narrow band during the Asian session on Thursday and remains within striking distance of its highest level since July 2023, around the 1.3120 area touched the previous day. Spot prices currently trade around the 1.3085 region, nearly unchanged for the day, as traders now look to the flash PMIs from the UK and the US for short-term opportunities.
In the meantime, a modest uptick in the US Treasury bond yields assists the US Dollar (USD) in recovering a bit from the YTD low touched on Wednesday. This, in turn, is seen as a key factor acting as a headwind for the GBP/USD pair, though diminishing odds for another interest rate cut by the Bank of England (BoE) in September lend some support. Furthermore, increasing bets for a more aggressive policy easing by the Federal Reserve (Fed) should cap gains for the buck and contribute to limiting losses for the currency pair.
From a technical perspective, this week's sustained breakout through the 1.3000 psychological mark and a subsequent move beyond the previous YTD peak, around the 1.3045 region was seen as a fresh trigger for bullish traders. That said, oscillators on the daily chart have moved on the verge of breaking into the overbought zone, making it prudent to wait for some near-term consolidation or a modest pullback before positioning for any further appreciating move. Nevertheless, the bias remains tilted firmly in favor of bulls
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