The Pound Sterling (GBP) extended its free fall for four straight days versus the US Dollar (USD) due to high US bond yields underpinning the Greenback. The GBP/USD is trading at 1.2458 after hitting a daily high of 1.2514, as sellers set their sights on technical support to prolong their profits. Read More…
The Pound Sterling (GBP) discovered intermediate support as investors started digesting the potential risks of global economic turmoil due to restrictive monetary policy by Western central bankers. The GBP/USD pair finds an intermediate cushion, but the broader bias remains bearish as investors expect that policy divergence between the Federal Reserve (Fed) and the Bank of England (BoE) may not vanish this month. Read More…
Further weakness should not be ruled out around GBP/USD for the time being, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang. Read More…
Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-slumps-for-four-days-as-high-us-bond-yields-bolster-usd-202309081859