GBP/USD jumps back closer to 1.2100 mark, fresh daily peak amid notable USD supply – by hareshmenghani GBPUSD China Brexit BOE Currencies
50-day Simple Moving Average . The intraday positive move picks up pace during the early European session and lifts spot prices to a fresh daily high, around the 1.2085 region in the last hour.retreats from a multi-week high touched on Tuesday, which, in turn, is seen as a key factor pushing the GBP/USD pair higher. The upbeat Chinese PMI prints for February fuel optimism that a recovery in the world's second-largest economy is gaining steam and boosts investors' confidence.
In contrast, the Federal Reserve is universally expected to stick to its hawkish stance for longer in the wake of stubbornly high inflation. This remains supportive of elevated US Treasury bond yields and should act as a tailwind for the USD. Moreover, worries about economic headwinds stemming from rapidly rising borrowing costs should cap any optimism in the markets and contribute to limiting losses for the safe-haven buck.
Hence, it will be prudent to wait for strong follow-through buying before positioning for an extension of the GBP/USD pair's solid bounce from a technically significant 200-day SMA. Traders now look to the final UK Manufacturing PMI, though the focus will remain on the BoE Governor Andrew Bailey's speech. Later during the early North American session, the US
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