After dipping to its lowest level since March below 1.2040 in the Asian session on Wednesday, GBP/USD gained traction and climbed above 1.2100. The te
chnical outlook suggests that the pair could extend its rebound if it manages to stabilize above 1.2130. Investors, however, could ignore technical conditions if markets remain risk-averse in the second half of the day.
Wall Street's main indexes suffered large losses on Tuesday as hawkish Federal Reserve bets flooded the markets after the US data showed that job openings rose sharply in August to highlight tightening conditions in the labor market. In turn, the benchmark 10-year US Treasury bond yield climbed to its highest level since 2007 above 4.8% and thetraded to a new cycle low just under 1.2040 in early European trade but gained a cent from the intraday low.
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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.EUR/USD gained traction and rose above 1.0500 following a quiet Asian session on Wednesday. Ahead of the ADP private sector employment and the ISM Services PMI data from the US, the US Dollar stays on the back foot and helps the pair stay in positive territory.GBP/USD reversed its direction and stabilized in positive territory above 1.2100 after falling below 1.
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