The headline pendulum has swung back in the other direction.A report now circulating suggests that talks between Iran and the US are continuing, but pushes back against the idea that a deal is close. That is a less encouraging message than the earlier headlines, and markets have given back some of the moves tied to hopes for a breakthrough.The distinction matters. Continuing negotiations keep the door open to progress. However, talks alone do not establish that the two sides are close to an agreement. Traders who positioned for a more immediate easing of tensions are now reassessing those expectations.Oil rebounds as yields move off their lowsCrude oil has moved back above $97 after reaching a low of $95.25. The rebound shows how sensitive the market remains to headlines surrounding the negotiations. Earlier optimism helped take some of the geopolitical premium out of oil. The latest report has brought some of that premium back.The US 10-year yield has also moved off its session low. It is now near 5.106%, down around 3 basis points on the day, after falling as low as 5.073%. Yields remain lower, but the earlier decline has been trimmed as traders reassess the prospect of relief from higher energy prices.US stocks have surrendered part of their advance as well:Nasdaq Composite: After reaching a session high of 26,601, the index has eased to around 26,503. It remains higher by approximately 70 points, or 0.27%.The market has pulled back from its most optimistic levels, although the Nasdaq is still holding a gain and Treasury yields remain lower on the day.GBPUSD slips back below its 100-day moving averageThe US dollar has recovered from its weakest levels, pushing the GBPUSD back below its 100-day moving average at 1.33874.That is an important technical development. The earlier break above the moving average gave buyers an opportunity to build on the upside momentum. Moving back below it takes some of the strength out of that break. Buyers had their shot. Now they need to reclaim the level to regain the upper hand.The next downside test comes near 1.3370, which marked last Friday’s high and the high for last week. A prior ceiling can become support after a breakout. Holding that level would give buyers a place to lean against and keep the recovery in play. Breaking below it would weaken the breakout further and leave the pair vulnerable to additional selling.For traders, those two levels provide a practical roadmap. A move back above 1.33874, followed by an ability to stay above it, would strengthen the buyers’ position. Staying below keeps the recovery on less certain footing, with 1.3370 the next test.The headlines are providing the shove. The technical levels help determine whether traders are following through. This article was written by Greg Michalowski at investinglive.com.