GBP/USD extends its downside above the mid-1.2500s, US Jobless Claims data eyed
The GBP/USD pair extends its downside above the mid-1.2500s during the early Asian trading hours on Thursday. The downtick of the pair is backed by the firmer US Dollar (USD) broadly. In the absence of economic data released from the UK docket later this week, the GBP/USD pair remains at the mercy of USD price dynamics. At press time, the major pair is trading at 1.2560, gaining 0.03% for the day.
Even though US Federal Reserve (Fed) Chair Jerome Powell said last week that central banks will prepare to tighten policy further if it becomes appropriate to do so, the markets believe that the tightening cycle is now over. According to a Reuters poll, analysts anticipate the Fed will hold interest rates until at least July, later than earlier thought. Read more...
GBP/USD recovery attempts remain capped below 1.2600 so far
The Pound’s is trying to regain some ground in early European session after bouncing from session lows at 1.2540 although 1.2600 seems a tough resistance area.
Sterling’s bears remain in control after the pair accelerated its reversal from three-month highs above 1.2700 on Thursday. The sourer market sentiment on heightened fears about a global economic slowdown in 2024 is underpinning support on the safe-haven Dollar. Read more...
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