• Greenback stages a comeback, boosted by higher US Treasury bond Yields
• Empire State Index surprises with 10.8 point jump in March’s report.
• GBP/USD Price Analysis: Double top emerges, but the pair must fall below 1.2344 to confirm the pattern.

GBP/USD dropped after forming a double top in recent price action during the last nine days and falls amidst speculations that the US Federal Reserve (Fed) would raise rates in May. That, alongside Fed Fund’s swaps, pushing the first rate cut by November of 2023, increased appetite for the greenback. Therefore, the GBP/USD is trading at 1.2355 after hitting a high of 1.2438.