GBP/USD sticks to modest intraday gains around mid-1.2400s, lacks follow-through – by hareshmenghani GBPUSD BOE Bonds Fed Currencies
session. The pair is currently placed around the 1.2450 region, up nearly 0.20% for the day, though the intraday uptick lacks bullish conviction. remains under some selling pressure for the third successive day and drops to a one-week low amid the ongoing downfall in the US Treasury bond yields. This, in turn, is seen as a key factor lending some support to the GBP/USD pair amid rising bets for an additional interest rate hike by the in May.
In the absence of any relevant market-moving economic releases on Monday, the aforementioned mixed fundamental backdrop might hold back traders from placing aggressive bullish bets around thepair. Traders also seem reluctant ahead of this week's important US macro data, starting with the Conference Board's Consumer Confidence Index on Tuesday.
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