The GBP/USD pair stages a modest recovery from the 1.2365-1.2360 area, or its lowest level since November 14 touched during the Asian session on Monday and for now, seems to have snapped a two-day losing streak.
GBP/USD attracts some dip-buyers on Monday amid a softer USD, though lacks follow-through. Easing geopolitical tensions boosts investors’ confidence and undermines the safe-haven buck. Reduced Fed rate cut bets should help limit the USD losses and cap any further gains for the pair. The uptick is supported by a modest US Dollar downtick and lift spot prices back closer to the 1.2400 mark in the last hour, though any meaningful upside still seems elusive.
The hawkish outlook remains supportive of elevated US Treasury bond yields and acts as a tailwind for the buck. Apart from this, speculations about more aggressive policy easing by the Bank of England might contribute to keeping a lid on any further appreciating move for the GBP/USD pair. There isn't any relevant market-moving economic data due for release on Monday, either from the UK or the US, leaving spot prices at the mercy of the USD price dynamics.
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