The US yields are moving lower with a 10-year yield now down just under 6 basis points after the successful auction at 1 PM ET. That has the dollar moving lower. The GBPUSD is trading to a new session highs.

On the hourly chart above, the price has extended above key swing highs from yesterday and Monday afternoon near 1.3564. The next upside target is Monday’s high at 1.35804, which marks the lower boundary of a swing area that extends up to 1.35919. Beyond that, attention turns to the 2025 high at 1.36161—also the highest level since February 2022.

Zooming out to the weekly chart below, today’s move has pushed the price back above a broader swing area between 1.3411 and 1.3514. Staying above this zone keeps the bullish momentum alive and opens the door for a test of last week’s high, as well as swing highs from February 2022 near 1.3644. A break above that could put the spotlight on the 50% midpoint of the long-term trading range from the 2014 high, which comes in at 1.37683.

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