GBP/USD manages to defend and rebound from 200-day SMA amid a modest USD downtick – by hareshmenghani GBPUSD RiskAppetite Fed Recession Currencies
A modest USD pullback from a multi-week high is seen as a key factor acting as a tailwind.GBP/USD
pair defends a technically significant 200-day Simple Moving Average on Monday and attracts some buyers in the vicinity of the monthly low. Spot prices stick to intraday gains, around the 1.1965-1.1975 region through the early part of the European session and for now, seem to have snapped a three-day losing streak.pullback from a seven-week high turns out to be a key factor providing a lift to the GBP/USD pair.
Moreover, the recent upbeat US macro data point to an economy that remains resilient despite rising borrowing costs and should allow the Fed to continue raising interest. Investors, meanwhile, remain worried about economic headwinds stemming from rapidly rising borrowing costs. This, along with geopolitical tensions, should limit losses for the safe-haven buck and keep a lid on the GBP/USD pair, at least for the time being.
In the absence of any relevant data from the UK, traders look to the US economic docket - featuring the release of Durable Goods Orders and Pending Home Sales data. This, along with the US bond yields and the broader risk sentiment, will influence the USD and provide some impetus to the GBP/USD pair. The aforementioned fundamental backdrop, meanwhile, suggests that the pair's intraday move-up could be seen as a selling opportunity.
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