GBP/USD struggles around 1.2200 ahead of UK GDP data
The GBP/USD pair is hovering around the immediate hurdle of 1.2200 after a modest rebound from 1.2185. The asset defended Wednesday’s low at around 1.2180 but is now displaying a torpid rebound, which could be fragilized effortlessly by the market participants. The cable is expected to remain subdued as investors are awaiting the release of the Gross Domestic Product (GDP) data. Apart from that, the release of the Industrial Production and Manufacturing Production data holds utmost importance.
GBP/USD retraces from weekly highs, approaches 1.2200
GBP/USD edges lower off the weekly highs around 1.2276 near a top-trendline of a descending channel, amidst an upbeat sentiment spurred by a cooler-than-expected US inflation report, now on the side of producers. Further, the US labor market shows signs of ease, weighing on the greenback, underpinned by a hawkish Fed from YTD.
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