The GBP/USD pair attracts some dip-buying during the Asian session on Wednesday and for now, seems to have stalled the previous day's retracement slid
GBP/USD ticks higher on Wednesday amid subdued USD demand, albeit lacks follow-through. A combination of factors acts as a headwind for USD and lends some support to the major. Expectations that the BoE might keep rates on hold in November cap the upside for the pair. e from the vicinity of the 1.2300 mark, or a near two-week high. Spot prices manage to hold above the 1.2150 level in the wake of subdued US Dollar price action, though lack bullish conviction.
In contrast, the UK PMIs remained in the contraction zone for the third consecutive month, fueling speculations that the Bank of England could maintain the status quo in November. This holds back bulls from placing aggressive bets around the GBP/USD pair. Moving ahead, there isn't any relevant market-moving economic data due for release from the UK on Wednesday and the US economic docket only features the release of New Home Sales figures.
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