GBP/USD consolidates in a range below 1.2400 mark, near six-week top set on Friday

The GBP/USD pair kicks off the new week on a subdued note and consolidates Friday's strong move up its highest level since September 20.

GBP/USD oscillates in a narrow trading band through the Asian session on Monday. Rebounding US bond yields help the USD to stall the post-NFP slump and cap gains. Bets that the Fed is done hiking rates keeps a lid on the USD and should limit losses. Spot prices currently trade around the 1.2375 region, nearly unchanged for the day, and remain at the mercy of the US Dollar price dynamics.

The aforementioned fundamental backdrop should hold back the USD bulls from placing aggressive bets and continue to lend some support to the GBP/USD pair That said, the Bank of England's bleak economic outlook, saying that the economy risks falling into recession next year, might cap gains for the major pair. Moreover, investors seem convinced that the UK central bank's next policy move is more likely to be a rate cut.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

FXStreetNews /  🏆 14. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Markets Week Ahead: Gold Muted, Nasdaq 100, EUR/USD, GBP/USD Rip as US Yields SinkSeveral Fed officials will deliver speeches in the coming days, including Chairman Powell. Traders should pay attention to their comments for clues on the outlook for monetary policy and impact on markets.
Read more »

US Dollar Forecast: EUR/USD, GBP/USD and AUD/USD Break Out, USD/JPY MutedIn this article, we analyze EUR/USD, USD/JPY, GBP/USD and AUD/USD from a technical standpoint, highlighting crucial price levels that may act as support or resistance in the upcoming week.
Read more »

Black Harvest Film Festival kicks off in the Loop FridayThe Black Harvest Film Festival is kicking off in the Loop Friday night.
Read more »

15 Best Deals at Best Buy's Black Friday Sale (2023)If a product is cheaper later this month during Black Friday, you can ask the retailer for a price match.
Read more »

Nordstrom Just Dropped 18,000+ Early Black Friday Deals, Including Designer Fashion Up to 60% OffNordstrom is kicking off the holiday season with early Black Friday deals on designer clothing, shoes, and handbags. Save up to 60 percent on popular styles from Cult Gaia, Staud, Veronica Beard, and more.
Read more »