The GBP/USD pair extends its sideways consolidative price move at the start of a new week and oscillates in a narrow trading band around mid-1.3000s through the first half of the European session.
GBP/USD struggles to gain any meaningful traction and remains confined in a range. A modest USD strength caps the pair amid bets for more aggressive BoE policy easing. The technical setup favors bearish traders and supports prospects for further losses. Meanwhile, spot prices remain close to a one-month low and seem vulnerable to prolonging the recent retracement slide from the 1.3535 area, or the highest level since March 2022 touched last month.
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, also known as ‘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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