GBP/USD attracts some dip-buying on Thursday

GBP/USD edges higher amid modest USD downtick, remains below mid-1.3300s

The GBP/USD pair regains some positive traction during the Asian session on Thursday and reverses part of the overnight sharp retracement slide from the 1.3430 region, or its highest level since March 2022. Spot prices currently trade around the 1.3335-1.3340 area, up just over 0.10% for the day, and seem poised to resume the recent uptrend witnessed over the past two weeks or so. 

Despite the fact that several Federal Reserve (Fed) officials this week tried to push back against market expectations for a more aggressive policy easing going forward, investors are still pricing in a greater chance of an oversized rate cut in November. This, along with the underlying bullish sentiment surrounding the global financial markets, fails to assist the safe-haven US Dollar (USD) to capitalize on Wednesday’s solid rebound from the vicinity of the YTD low. This, in turn, is seen as a key factor lending some support to the GBP/USD pair. Read more…

GBP/USD sheds 1.34 amid Greenback rebound

GBP/USD struck an abnormally nearish tone on Wednesday, plunging back below the 1.3400 handle amid a broad-market pullback from full-bore risk appetite. The Pound Sterling paused its recent one-sided trend into the high side, while the Greenback pared recent losses.

The Pound Sterling will be entirely absent from the economic calendar data docket for the remainder of the week, leaving GBP/USD traders to grapple with Friday’s upcoming US inflation print. Read more…