GBP/USD climbs to 1.2500 neighbourhood on weaker USD, upside potential seems limited – by hareshmenghani GBPUSD RiskAppetite Fed Inflation Currencies
A positive risk tone prompts some selling around the safe-haven Greenback.stages a goodish intraday bounce from a two-week low touched earlier this Monday and recovers a part of its heavy losses recorded over the past two sessions. Spot prices climb back closer to the 1.2500 psychological mark during the first half of the European session and, for now, seem to have stalled the retracement slide from over a one-year high, around the 1.2680 region set last week.
A generally positive tone around the equity markets undermines the safe-haven US Dollar , which, in turn, is seen as a key factor pushing the GBP/USD pair higher. Meanwhile, the USD pullback from its highest level since early February seems limited amid a further rise in the US Treasury bond yields, bolstered by fresh speculations that the Federal Reserve will stick to its hawkish stance.
Even from a technical perspective, Friday's breakdown through support marked by the lower end of over a one-month-old ascending channel suggests that the path of least resistance for spot prices is to the downside. Hence, any subsequent move up is more likely to attract fresh sellers at higher levels and runs the risk of fizzling out rather quickly.
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