GBP/USD Price Analysis: Remains under selling pressure, the key contention is seen at 1.2100
The GBP/USD pair extends its downside for the seventh consecutive day during the Asian session on Thursday. The downtick of the pair is supported by the firmer US Dollar (USD), higher Treasury Yield and upbeat US economic data. The pair currently trades near 1.2133, losing 0.02% on the day.
The Bank of England (BoE) unexpectedly paused its rate hike cycle while the Federal Reserve (Fed) offered hawkish remarks and signaled that rate additional rate hike is possible. The divergence of monetary policy between the BoE and Fed exerts pressure on the British Pound (GBP) and acts as a headwind for the GBP/USD pair. Read more...
GBP/USD moves away from multi-month low as USD bulls take a brief pause; seems vulnerable
The GBP/USD pair ticks higher during the Asian session on Thursday and moves away from its lowest level since March 17, around the 1.2110 region touched the previous day. Spot prices, however, remain below mid-1.2100s and seem vulnerable to prolonging the well-established downtrend witnessed over the past two months or so.
The US Dollar (USD) pauses following the recent strong runup to a 10-month high and turns out to be a key factor lending some support to the GBP/USD pair. The near-term bias, meanwhile, seems tilted firmly in favour of the USD bulls in the wake of growing acceptance that the Federal Reserve (Fed) will continue to tighten its monetary policy further and keep interest rates higher for longer. The bets were reaffirmed by the overnight hawkish comments by Minneapolis Fed President Neel Kashkari, saying that it is not clear yet whether the central bank is finished raising rates amid ample evidence of ongoing economic strength. Read more...
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