The GBP/USD pair surrenders its intraday gains and falls back to near 1.2730 in Friday’s New York session.
GBP/USD surrenders intraday gains amid dismal market sentiment. The Fed seems certain to cut interest rates in September. The Pound Sterling will be influenced by UK labor market and inflation data. The Cable comes under pressure amid cautious market mood. The S&P 500 opens with some losses, exhibiting that the risk-appetite of investors is weak.
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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