Pound Holds Near 1.2300 as Dollar Weakens Due to Falling Bond Yields

The pound is maintaining its gains just below 1.2300, after stepping back from a nearly three-week high of 1.2304 level. The DXY is weakened by declining bond yields and a positive market sentiment, which is helping the pair. Traders are now keeping an eye on the US PPI data and the release of FOMC meeting minutes for potential market-moving cues.

Today, there's a possibility that the GBP could surpass 1.2330 and test the 1.2365 level, but it's unlikely to reach the major resistance at 1.2425. Support levels are at 1.2200 and then 1.2175.

 

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.2425	1.2365	1.2330	1.2200	1.2175	1.2140