The GBP/USD pair remains under some selling pressure for the second straight day on Wednesday and hits a fresh multi-month trough, around the 1.2440 a
, in turn, remains supportive of elevated US Treasury bond yields and assists the USD to regain some positive traction on Tuesday and hold just below its highest level since March touched last Friday.
On the flip side, attempted recovery might now confront stiff resistance near the 1.2500 psychological mark. Any subsequent move up could be seen as a selling opportunity and remain capped near the weekly high, around the 1.2545-1.2550 region touched on Monday. A sustained strength beyond, however, might push the GBP/USD pair to the 1.2600 mark en route to the 100-day SMA, currently near mid-1.2600s.
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