The GBP/USD pair kicks off the new week on a subdued note and consolidates in a range above the 1.2600 round-figure mark, or the lowest level since mid-May touched on Friday.
GBP/USD ticks higher at the start of a new week amid a modest USD downtick. The Trump trade optimism should limit the USD downside and cap the major. The BoE uncertainty could also contribute to capping the upside for the GBP. Spot prices, for now, seem to have snapped a six-day losing streak amid a modest US Dollar downtick, though the fundamental backdrop supports prospects for an extension of the recent well-established downtrend.
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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