GBP/USD struggles for direction, stuck in a range around mid-1.4100s
The GBP/USD pair refreshed daily tops in the last hour, albeit quickly retreated few pips thereafter and was seen trading around mid-1.4100s heading into the North American session.
The pair continued with its two-way price moves for the third consecutive session on Wednesday and remained confined in a broader trading range held over the past one week or so. In the absence of any relevant economic data, investors preferred to move on the sidelines and wait for a fresh catalyst before placing fresh directional bets. Read more...
GBP/USD to suffer from more pressure as Dominic Cummings set to testify
GBP/USD remains under pressure below 1.42. Former Downing 10 adviser Dominic Cumming's testimony and downside momentum are set to send sterling lower, Yohay Elam, an Analyst at FXStreet, briefs.
“Dominic Cummings was a senior to Prime Minister Boris Johnson and he could spill the beans on the PM's mismanagement of the pandemic, undermining the government. That could hurt sterling. Cummings may also discuss Brexit in his appearance on Wednesday, as the topic remains on the agenda. The EU and the UK have yet to sort out how they implement the Northern Irish protocol, a leftover from the protracted process.” Read more...
GBP/USD refreshes session lows, slides further below mid-1.4100s
The GBP/USD pair witnessed some selling during the early European session and dropped to fresh daily lows, around the 1.4135 region in the last hour.
The pair struggled to capitalize on its modest uptick, instead met with some fresh supply near the 1.4170 area and has now retreated around 35 pips from daily tops. In the absence of a fresh fundamental catalyst, the pullback could be solely attributed to a modest US dollar rebound and some cross-driven weakness stemming from the EUR/GBP cross. Read more...
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