UK bond yields hit 28-year high

GOOGL shares have declined 2.1% over the past 24 hours, with the RSI approaching oversold territory at 30.4. The MACD remains in negative territory and below its signal line, indicating weak short-term momentum. Rising UK bond yields could negatively impact global risk appetite and put pressure on technology stocks. The price is trading below both the 20-day and 50-day moving averages, further weakening the technical outlook. However, while the RSI nearing oversold levels increases the possibility of a short-term bounce, the overall trend remains downward.

The rise in UK bond yields to a 28-year high could increase demand for GBP, but it may also dampen risk appetite. Technical indicators present a weak outlook, with RSI near the oversold territory at 35 and MACD below the signal line. The price is trading below the SMA20 and SMA50, supporting a short-term bearish trend. While the news is supportive of GBP, the prevailing technical pressure outweighs it, pointing to a downward direction. However, the impact may remain limited, so the confidence level is moderate.

The rise in UK bond yields to a 28-year high could put pressure on GBP, as higher borrowing costs may negatively impact economic growth. Technically, RSI is near the oversold region at 30, but the price is below both the SMA20 and SMA50, and MACD is in negative territory, supporting a short-term bearish trend. Combining the news flow and technical indicators, GBPUSD is likely to test the 1.35 support level. However, due to oversold conditions, some corrective buying may occur, so I foresee a limited pullback rather than a strong decline.