GBP/USD extends backslide for Friday, aimed for 1.21
The GBP/USD slipped further on Friday, seeing a mild intraday rebound into 1.2222 before slumping back into fresh lows for the week and tapping 1.2122. With broader markets favoring the US Dollar (USD) on risk aversion sparked by Federal Reserve (Fed) rate fears, the
Pound Sterling (GBP) is struggling to find a bid heading into Friday's market close.
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Pound Sterling falls back as Middle East conflicts escalate
The
Pound Sterling (GBP) dropped from a two-week high as the United Kingdom’s economic outlook weakened after factory output contracted for the second consecutive month. The GBP/USD pair surrendered the majority of recent gains as data from the US showed inflation remains persistent, denting the
risk appetite of market participants. UK’s manufacturing and overall Industrial Production dropped in August as firms cut spending on labor and inventory due to a poor demand outlook.
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GBP/USD hovers around 1.2200 post recent losses on upbeat US data
GBP/USD retraces the recent losses that were registered on Thursday, trading higher around the 1.2200 psychological level. However, the pair faced challenges due to the optimistic economic data from the United States (US).
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