GBP/USD slides below 1.2100 mark amid a sharp USD rally, ahead of UK budget – by hareshmenghani GBPUSD BOE Fed RiskAppetite Currencies
y on Wednesday. Spot prices slide below the 1.2100 mark during the first half of the European session, with bears now looking to extend the overnight retracement slide from the 1.2200 round figure, or a one-month high.Bank of England
will pause its rate-hiking cycle, which, in turn, acts as a headwind for the GBP/USD pair. In fact, the UK Office for National Statistics reported on Tuesday that annual growth in average total pay — including bonuses — slowed to 5.7% during the three months to January from 6% the previous month. Excluding bonuses, pay growth eased from 6.7% to 6.5%.
Traders, however, seem reluctant to place aggressive bets and might prefer to wait for the UK government's Spring Budget amid soaring inflation and a cost of living crisis. Apart from this, the US economic docket - featuring the release of the
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