The GBP/USD pair builds on the previous day's goodish rebound of over 80 pips from the 1.2165-1.2160 area and extends its steady ascent through the As
GBP/USD ticks higher during the Asian session on Tuesday, albeit lacks follow-through. Retreating US bond yields, a positive risk tone undermines the USD and lends support. Expectations that the BoE is done hiking rates keep a lid on further gains for the major. ian session on Tuesday. Spot prices, however, lack bullish conviction, warranting some caution before positioning for an extension of the recent recovery move from the lowest level since mid-March, around the 1.
In fact, the UK central bank surprisingly paused its rate-hiking cycle earlier in September and provided little hints of its intention to raise rates. This, in turn, makes it prudent to wait for strong follow-through buying before confirming that the GBP/USD pair has formed a near-term bottom and positioning for any meaningful appreciating move. Moving ahead, there isn't any relevant market-moving economic data due for release from the UK or the US on Tuesday.
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