GBP/USD bid through 1.5040

FXstreet.com (London) - GBP/USD has enjoyed a rally away from lows in the European session since yesterdays prodding with the ugly stick.

Price action in the US fixed income markets has been correlating in forex markets with the DXY seeing a notable move higher yesterday afternoon coinciding with a break out in treasuries. There is buying interest at 1.5000 keeping the pair bid while the risk is still remaining lower below 1.5140/80 on the charts.

Tomorrow could be the impetus needed to break below 1.5000 with a series of US data, GDP and price changes in consumer goods and services.