GBP/USD hits weekly highs, remains limited below 1.3640
The GBP/USD pair rose to 1.3637, after the beginning of the American session reaching the highest level in a week. Later the pair pulled back toward 1.3600 but still was holding onto gains, for the third consecutive day and about to post the highest close in a month. The pound remains strong and is also up versus the euro as EUR/GBP trades under 0.8350, at the lowest in two weeks after higher-than-expected UK inflation data and also amid concerns regarding the Ukrainian border. Read more...
GBP/USD Forecast: Souring market mood could drag pound below 1.3560
GBP/USD has closed in the positive territory on Wednesday but lost its bullish momentum after testing 1.3600. Geopolitical headlines continue to drive the market action and the British pound faces a two-way risk amid the uncertainty surrounding the Russia-Ukraine conflict. During the Asian trading hours, reports claiming that Ukraine has shelled separatists' positions in east Ukraine caused safe-haven flows to dominate the markets. Ukraine quickly denied these claims and the Ukrainian military recently reported that Russian occupying forces fired on a village in the Luhansk region. Read more...
GBP/USD Analysis: Upside remains capped amid Russia-Ukraine stand-off
The GBP/USD pair built on the previous day's late rebound from the 1.3485 region, or a two-week low and gained some follow-through traction on Wednesday. The momentum pushed the pair to a fresh weekly high and was sponsored by a combination of factors. Russia announced that it is moving troops away from the Ukrainian border after the completion of military exercises. This helped ease fears about a full-blown conflict between Russia and the West and continued undermining the safe-haven US dollar. On the other hand, the British pound drew support from hotter-than-expected UK consumer inflation figures, which boosted bets for additional interest rate hikes by the Bank of England. Read more...
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