GBP/USD retreats on US Dollar recovery, trades near 1.2630
GBP/USD trades lower around 1.2630 on the back of a recovery in the US Dollar (USD), which could be attributed to the improvement in US Treasury yields snapping a two-day losing streak. The US Dollar Index (DXY), which measures the performance of the Greenback against the six other major currencies, trades higher around 103.60 at the time of writing during the Asian session.
The US Dollar (USD) is treading waters to retrace from the two-day losses. US Treasury yields fell by 2.04% on Tuesday, which exerted downward pressure on the buck. Currently, the yield on the 10-year US bond trades at 4.13%. Moreover, the disappointing economic data from the United States (US) on Tuesday further solidified the dovish sentiment regarding the Fed’s policy stance. This has contributed to an increase in downward pressure on the GBP/USD pair. Read more…
GBP/USD Price Analysis: Pound Sterling portrays pre-data consolidation below 1.2680 hurdle
GBP/USD seesaws around 1.2650 after rising the most in three weeks the previous day. In doing so, the Cable pair portrays the market’s cautious mood ahead of a slew of statistics from the UK and the US.
It’s worth noting that the Pound Sterling’s extension of Friday’s rebound from a horizontal support zone comprising the tops marked in May and June, around 1.2550, joins the bullish MACD signals and the upbeat RSI (14) line to keep the buyers hopeful. Read more…
