GBP/USD has been benefiting from falling US bond yields. Another bond auction and infrastructure spending may turn things around. Thursday’s four-hour chart is painting a bullish picture. A disruption to Britain from America – no, not the royals’ “Night at Oprah’s” but the moves in GBP/USD triggered almost exclusively by US bond yields. An auction of ten-year Treasuries concluded with calm on Wednesday, allowing the dollar to retreat from its highs and cable to climb higher. Will the upbeat mood in markets continue? After that successful offering, Uncle Sam is now selling 30-year bonds – which may already see weaker demand. An increase in returns on US debt linked to mortgages may send shivers down investors’ spines and boost the greenback. See US 10-year Treasury Auction: Temporary relief Another booster for the greenback may come from the White House. President Joe Biden has yet to sign the $1.9 trillion covid relief package approved by Congress, and new plans have already surfaced. The administration is reportedly examining a $2.5 trillion infrastructure bill, which may receive some Republican support for a change. If additional headlines lay the ground for further spending, that would also push yields and the dollar higher. After Wednesday’s inflation figures missed estimates, Thursday’s weekly jobless claims will be of interest. See US Initial Jobless Claims Preview: The two-track labor market returns What about the pound? While the EU and the UK are at loggerheads over vaccine exports, but that does not seem to affect currencies. Britain’s vaccination campaign continues at full speed ahead, raising hopes for a quicker return to normality. Yet that is not news. All in all, the next moves depend on the dollar, which may switch direction once again. GBP/USD Technical Analysis Pound/dollar is heading towards the 100 Simple Moving Average on the four-hour chart, which converges with the daily high of 1.3965. Momentum is to the upside and the pair already topped the 50 SMA. All in all, bulls are in the lead, but resistance remains significant. Above 1.3965, the next hurdle is 1.4015, followed by 1.4050 and 1.4075. Some support awaits at 1.3925, a swing high from earlier this week, followed by 1.3850, 1.3830 and 1.3775 – a strong support line. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next USD/CAD drops below 1.2600, falling crude oil prices limit losses FX Street 2 years GBP/USD has been benefiting from falling US bond yields. Another bond auction and infrastructure spending may turn things around. Thursday's four-hour chart is painting a bullish picture. A disruption to Britain from America - no, not the royals' "Night at Oprah's" but the moves in GBP/USD triggered almost exclusively by US bond yields. An auction of ten-year Treasuries concluded with calm on Wednesday, allowing the dollar to retreat from its highs and cable to climb higher. Will the upbeat mood in markets continue? After that successful offering, Uncle Sam is now selling 30-year bonds - which may already see… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.