GBP/USD hangs just above two-week low, seems vulnerable to slide further

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• GBP/USD struggles to capitalize on the overnight late rebound from a two-week low.
• The Fed’s hawkish outlook underpins the USD and acts as a headwind for the major.
• The BoE’s aggressive rate hike fuels recession fears and weighs on the British Pound.

The GBP/USD pair oscillates in a narrow trading band during the Asian session on Thursday and consolidates the overnight slump to the 1.2600 neighbourhood, or a two-week low. The pair currently trades around the 1.2630-1.2625 region, down less than 0.10% for the day, and seems vulnerable to prolonging its recent corrective decline from the YTD peak touched earlier this month.