GBP/USD retreats from the recent gains on risk-off sentiment, trading lower around 1.2130 during the Asian session on Friday. However, the pair faced
GBP/USD faces a challenge on risk-off sentiment in the market. Pound Sterling weakens on market caution regarding the BoE interest rate trajectory. US Dollar received downward pressure after Fed Powell’s comments on Thursday. Upbeat US bond yields contribute support to underpinning the Greenback. US Jobless Claims declined to 198K the lowest level since January. While Existing Home Sales fell 2.0%, the lowest level since 2010.
The scheduled address by US President Joe Biden on Thursday underscores the global significance of the matter, indicating potential impacts on a broader scale. Investors will likely be closely monitoring developments for their potential influence on currency markets. During a relatively quiet session for major reports in the US. While Federal Reserve officials Logan, Mester, and Harker are scheduled to speak, it's anticipated that their speeches won't bring any unexpected developments.
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