The GBP/USD pair extends its sideways consolidative price move during the Asian session on Tuesday and remains confined in a familiar range held over the past two weeks or so.
GBP/USD continues with its struggle to gain any meaningful traction on Tuesday. Bets for a BoE rate cut in August act as a headwind amid modest USD strength. Traders also prefer to wait on the sidelines ahead of the UK election on Thursday. Spot prices currently trade around the 1.2655-1.2645 confluence region – comprising 50-day and 100-day Simple Moving Averages – amid the anxiety surrounding the upcoming UK general elections on Thursday.
It is the fourth most traded unit for foreign exchange in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, aka ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders , and EUR/GBP . The Pound Sterling is issued by the Bank of England .
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