The GBP/USD pair held on to its modest intraday gains above mid-1.3900s and move little following the release of US macro data. The pair built on its recent positive move and gained some follow-through traction for the fifth consecutive session on Thursday. The uptick was exclusively sponsored by the optimism over the gradual reopening of the UK economy, though lacked any follow-through amid a modest US dollar strength.
As investors looked past the Fed's dovish message on Wednesday, a goodish pickup in the US Treasury bond yields assisted the USD to rebound from the lowest level since February 26. That said, the USD uptick lacked bullish conviction, instead of lost some steam during the early North American session. The USD bulls seemed rather unimpressed from the Advance US GDP report, which showed that the world's largest economy expanded by 6.4% annualized pace during the first quarter of 2021. This was well above the 4.3% rise recorded in the previous quarter and consensus estimates for a reading of 6.1%.