GBP/USD: Brexit, UK tax concerns probe bulls above 1.2350, PMIs eyed – by anilpanchal7 GBPUSD PMI Brexit RiskAppetite
That said, a report from the academic body UK In a Changing Europe unveiled on Tuesday that despite a significant economic hit to Britain from leaving the bloc and falling support for Brexit among the British public, major changes in the UK-EU relationship were unlikely.
On the other hand, the UK Prime Minister Rishi Sunak needed to push independent ethics adviser to a tax case involving Chairman of Conservative Party as Nadhim Zahawi was marked irregular in filings. Additionally, the chatters surrounding the Britain’s readiness to propose carbon border tax as part of steel industry aid package, per the Financial Times , also seem to challenge the GBP/USD buyers.
Against this backdrop, the S&P 500 Futures resist following Wall Street’s gains while retreating from the six-week high marked the previous day, making rounds to 4,030-35 at the latest. On the same line, the US 10-year and two-year Treasury bond yields snap three-day recovery moves by struggling around 3.51% and 4.21% by the press time.
Moving on, GBP/USD may witness a pullback amid a cautious mood ahead of the first readings of January’s S&P Global PMIs and the fourth-quarter Gross Domestic Product for the US. Also important will be a speech fromAlthough multiple hurdles around the 1.2450 challenge the GBP/USD bulls, the bearish bias remains off the table unless the quote stays beyond an upward-sloping support line from October 12, 2022, close to 1.2015 by the press time.
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