After witnessing good two-way trading a week ago, the Pound Sterling extended its losing momentum against the United States Dollar (USD), sending GBP/
GBP/USD sustained the previous week’s correction from three-week highs. United Kingdom jobs and inflation data to inject volatility around the Pound Sterling. Death Cross and Bear Pennant confirmation points to further GBP/USD declines. USD briefly below the 1.2100 threshold. Based on the technical outlook, risks remain skewed to the downside for GBP/USD in the week ahead.
He added, "financial conditions have tightened significantly" with the rise of long-term bond yields. Following Powell’s speech, the US Treasury bond yields extended their rally, with the benchmark 10-year US Treasury bond yields briefly touching the 5.0% level for the first time since 2007. The US Treasury bond yields lent support to the US Dollar while benefiting from renewed Gaza-Israel tensions, which hit risk appetite once again.
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