- GBP/USD remains confined in a narrow range near its lowest level since March set on Tuesday.
- Bets for more Fed rate hikes, surging US bond yields and a weaker risk tone underpin the USD.
- The BoE’s surprise on-hold decision continues to weigh on the GBP and contributes to capping.
The GBP/USD pair extends its consolidative price move for the second successive day on Wednesday and remains well within the striking distance of the lowest level since March 16 touched the previous day. Spot prices trade below the 1.2100 mark during the Asian session and seem vulnerable to prolonging a nearly three-month-old downtrend from a 15-month peak set in July.
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