GBP/USD Update – 29/08/2017 (11:40am) – by Arjun Lakhanpal

August 29, 2017 by

GBP/USD Update – 29/08/2017 (11:40am): The renewed uptick seen in the GBP/USD pair appears to have lost steam near the 50-DMA resistance located at 1.2983 levels, with the bears now pushing the rate back towards the midpoint of 1.29 handle. Broad based US dollar weakness remains the main theme so far this session, further fuelled by an extension of the sell-off in Treasury Yields, which drove the GBP/USD pair to the highest levels in two weeks at 1.2978 levels. The 1.2775/59 support zone consists of the December 2016, late April and late May lows.