GBP/USD drops to fresh daily low amid stronger USD, holds above 1.2500 mark – by hareshmenghani GBPUSD Fed Recession BOE Currencies
The fundamental backdrop warrants some caution before positioning for any further losses.GBP/USD pair
comes under some selling pressure on the first day of a new week and erodes a part of Friday's strong gains to the 1.2580-1.2585 region, or its highest level since June 2022. Spot prices extend the steady intraday descent through the early part of the European session and drop to a fresh daily low, around the 1.2520 area in the last hour.
A combination of supporting factors assists the US Dollar to gain positive traction for the third successive day, which, in turn, is seen dragging the GBP/USD pair lower. The prospects of the Federal Reserve raising interest rates by another 25 basis points at the end of a two-day meeting on Wednesday, along with looming recession risks, continue to act as a tailwind for the safe-haven Greenback.declined to 49.2 in April from 51.9 in March.
Traders might also prefer to wait on the sidelines amid relatively thin trading volumes on the back of a holiday in Europe and ahead of the highly-anticipated two-day FOMC policy meeting, starting on Tuesday. The Fed is scheduled to announce its decision on Wednesday, which will play a key role in influencing the USD price dynamics and help determine the near-term trajectory for the GBP/USD pair., due later during the early North American session.
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