GBPUSD trades with modest losses below 1.1800 amid resurgent USD demand – by hareshmenghani GBPUSD Fed Bonds FiscalPolicy Currencies
he pair remains on the defensive through the first half of the European session and is currently trading just above mid-1.1700s amid resurgent US Dollar demand. The downside, however, remains cushioned as the focus remains glued to this week's key macro data and event risk from the UK.stages a goodish recovery from its lowest level since mid-August set in the aftermath of softer US consumer inflation figures last week and acts as a headwind for the GBPUSD pair.
in Q4, with an elevated risk of a contraction, and a fall in the first three months of 2023. This, in turn, is holding back traders from placing aggressive bullish bets and capping the upside for the GBPUSD pair.Despite the aforementioned negative factors, market participants prefer to wait on the sidelines ahead of key domestic data - the monthly employment details on Tuesday and the CPI report on Wednesday.
Conversely, any meaningful pullback towards the 1.1700 round-figure mark might still be seen as a buying opportunity. This, in turn, should limit the downside for the GBPUSD pair near the 100-day SMA resistance breakpoint, now turned support, currently around the 1.1670-65 region.
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