GBP/USD bears step up the pace, eye break of 1.2150s – by fx_ross SEO DollarIndex GBPUSD Currencies Technical Analysis
The British Pound is vulnerable to soured UK politics and economy. Federal Reserve terminal rate is the driver for the US Dollar. is under pressure in the North American session as risk appetite drops on Wall Street. US major indexes have fallen following better-than-expected service-sector activity that has added to jitters that the US Federal Reserve might continue on its aggressive policy tightening path despite fears of a recession next year.
A net short position is, however, reducing and is now more than 50% smaller than the depths seen earlier this year but that is largely due to the US Dollar being trimmed in the improved risk environment. Nevertheless, while there might be less room for strong rallies in GBP, a reversal in''In the spot market the pound has recovered a significant amount of ground vs. the softer USD,'' analysts at Rabobank said.
Prime Minister Rishi Sunak, in power for just over a month, faces a raft of problems in the run-up to an election that opinion polls suggest the Conservatives will lose which could ultimately spell more weakness for the pound.as illustrated above. However, the British Pound's bullish trend is still intact while structures 1.2150 and 1.1900 are yet to be broken:
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