GBP/USD slips below mid-1.2600s, away from over one-year top set on Wednesday – by hareshmenghani GBPUSD Fed BOE Inflation Currencies
rk touched the previous day. The pair currently trades just below mid-1.2600s, down nearly 0.15% for the day, though the fundamental backdrop remains tilted in favour of bullish traders. edges higher and looks to build on the overnight bounce from a one-month low, which, in turn, is seen as a key factor acting as a headwind for the GBP/USD pair.
Furthermore, Powell described US growth and the job market as holding up better than expected. This, in turn, lifted market bets for another 25 bps lift-off at the July FOMC policy meeting, which assists the USD to attract some buyers. The downside for the GBP/USD pair, meanwhile, remains cushioned as market participants seem convinced that the will be far more aggressive in policy tightening to contain stubbornly high inflation.
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