Pound is trading high against the greenback on Tuesday. The Slide in the dollar can be the reason behind this move. The Benchmark 10-year and 30-year US Treasury yields have pulled back from their one-week highs hit on Tuesday and are sliding further in Asia which is pressuring the greenback.

The Market mood also improved with the hope that the Omicron coronavirus variant may be less disruptive for the global economy than initially feared. South Africa was the first country which detected the Omicron variant, after that it faced a massive surge in coronavirus cases. But in the last few days, the trend gave the impression that the situation was improving. This update turned to be highly encouraging.

The latest positive developments on the Brexit front and the encouraging comments from the UK drugmaker GlaxoSmithKline favored the sterling against the greenback.

On the latest Brexit update, the UK is expected to offer France an olive branch to resolve the fishing row, per The Telegraph. British sources said an agreement could be reached on ‘replacement boats’, which would allow issuing of more permits to EU vessels.

The pharma giant said that the data was built on a promising signal published last week, underscoring the importance of Sotrovimab for the early treatment of COVID-19.

GBP/USD 4 Hour Chart:

Support: 1.3226 (S1), 1.3193 (S2), 1.3163 (S3).

Resistance: 1.3290 (R1), 1.3320 (R2), 1.3353 (R3).

The Slide of US dollar along with other catalysts favoring the pound, we expect a bullish trend for GBP/USD.