greenback's market valuations and rising US Treasury bond yields suggest that GBP/USD could stage a downward correction in the near term. rose by 199,000, falling short of the market expectation of 400,000. Although the dollar faced renewed selling pressure on this disappointing print, the benchmark 10-year US T-bond yield jumped to its strongest level since January 2020 near 1.8%.
There won't be any high-tier data releases in the remainder of the day and the dollar shouldn't find it difficult to stay resilient against the British pound as long as US T-bond yields return below 1.75%.The Relative Strength Index indicator on the four-hour chart is closing in on 70, confirming the view that the pair could make a technical correction before the next leg higher.
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