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GBP/USD once again retreats from 1.3330 supply zone

   •  Fails to build on early up-move.
   •  Surging US bond yields capping gains.
   •  Remains within 1-1/2-month-old trading range.

The GBP/USD pair once again met with some fresh supply near the 1.3330-35 region and quickly retreated around 20-25 pips from session tops.

The pair found a decent support near the 1.3280 area and quickly jumped back above the 1.3300 handle following the UK PM Theresa May's comments to the reporters on arrival at a Brussels summit. 

However, a fresh wave of an upsurge in the US Treasury bond yields, which although failed to provide any immediate respire for the US Dollar bulls but kept a lid on any additional gains. 

Meanwhile, yesterday's in-line UK GDP figures, coupled with a blowout UK CBI realized sales data might continue to support the British Pound, with the pair looking to break through a 1-1/2-month-old broader trading range. 

Next on tap would be the release of US flash PMIs (manufacturing & services) but seems unlikely to have any meaningful impact on the pair's momentum on the last trading day of the week. 

Technical levels to watch

Bears would be eyeing for a decisive break through the 1.3275-70 support, below which the pair is likely to accelerate the fall towards the 1.3200 handle with some intermediate support near 1.3240 area.

On the upside, any up-move might continue to confront fresh supply near the 1.3330-35 region, which if cleared could lift the pair towards its next hurdle near the 1.3350-60 region.
 

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