Although the GBP/USD prices retreat from intraday high, the bulls still keep reins around 1.3050 with mild gains heading into Wednesday’s London open.

That said, one-month risk reversal (RR) of GBP/USD, a gauge of calls to puts, braces for the second weekly run-up, per the latest options market data from Reuters.

While the weekly count is in favor of the GBP/USD bulls with the +0.158 figure, the daily count of -0.050 snaps a two-day winning streak and seems to challenge the cable pair’s latest upside.

However, broad US dollar pullback and a retreat in the US Treasury yields, coupled with cautious optimism over the Ukraine-Russia peace talks and hopes of successive rate hikes from the Bank of England (BOE) keep GBP/USD buyers hopeful ahead of the Fed.

Read: GBP/USD keeps bounce off four-month low around mid-1.3000s ahead of Fed