A softer risk tone, and rebounding US bond yields benefit the USD and weigh on the major.
The GBP/USD pair continues with its struggle to find acceptance above the 1.2400 mark and comes under some selling pressure on the last day of the week. The pair remains on the defensive through the first half of the European session and is currently placed around the 1.2375 regions.
A combination of factors lends support to the US Dollar, which, in turn, is seen exerting some downward pressure on the GBP/USD pair. The better-than-expected US growth figures released on Thursday fueled speculations that the Fed will maintain its hawkish stance for longer. This, in turn, leads to a goodish intraday move up in the US Treasury bond yields, which, along with a softer risk tone, benefits the safe-haven Greenback.
Traders eye the US PCE for some impetus ahead of key central bank meetings next week.
Its more like triangle and on lower TF cup and handle in making.. i guess some sort of bull trap above 1.24 and the hoping for free fall.. all have a great week
RLinda
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Interesting explanation, I support you and agree with your idea)