GBP/USD trades with modest gains around 1.2600 on softer USD, lacks bullish conviction

The GBP/USD pair gains some positive traction on the first day of a new week and moves away from its lowest level since June 13, around the 1.2550-1.2

Hawkish remarks by BoE's Broadbent underpin the GBP and act as a tailwind for the major.GBP/USD

pair gains some positive traction on the first day of a new week and moves away from its lowest level since June 13, around the 1.2550-1.2545 region touched on Friday. Spot prices retake the 1.2600 round-figure mark during the Asian session and draw support from a modest US Dollar downfall. China on Sunday announced that the levy charged on stock trading will drop from 0.1% to 0.05% from August 28 – marking the first reduction since 2008 – to boost the struggling market. This, in turn, helps revive investor confidence, which is evident from a generally positive tone around the equity markets and leads to some profit-taking around the safe-haven Greenback, especially after the recent rally to a nearly three-month high.

Speaking at the annual Jackson Hole Economic Symposium, Broadbent said on Saturday that monetary policy may well have to remain in restrictive territory for some time yet as the knock-on effects of the surge in prices were unlikely to fade away rapidly. Market participants, however, seem convinced that the BoE will not need to raise rates as high as previously thought to bring inflation back down to the target in the wake of growing recession fears.

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