- As US economic data strengthens the dollar, GBP/USD trades at 1.2397, slipping below its 200-day Moving Average.
- Odds for a November rate hike by the Fed stand at 32.45%, while bets on a BoE rate hike toward 6% are scaled back.
- With U.S. 10-year Treasury yields at 4.326% and a solid US economy, the BoE may be the first to blink and cut rates, pressuring GBP/USD further.
The Pound Sterling (GBP) continues to weaken against the US Dollar (USD) for the second consecutive day after a tranche of positive US economic data bolstered the Greenback. Hence, the GBP/USD is set to finish the week with losses, exchanging hands at 1.2397, below its 200-day Moving Average (DMA).
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