The GBP/USD pair attracts some sellers on the first day of a new week and reverses a major part of Friday's positive move to mid-1.2700s, or a nearly three-week high.
GBP/USD kicks off the new week on a weaker note amid the emergence of some USD buying. Trump's tariff threats, geopolitical risks and bets for a less aggressive Fed easing boost the USD. Diminishing odds for a December BoE rate cut could offer support to the GBP and the major. The GBP/USD pair attracts some sellers on the first day of a new week and reverses a major part of Friday's positive move to mid-1.2700s, or a nearly three-week high.
Data released recently showed that the underlying price growth in the UK gathered speed and accelerated sharply to the 2.3% YoY rate in October. This suggests that the BoE will move cautiously, which could underpin the British Pound and lend some support to the currency pair. Traders might also refrain from placing aggressive directional bets ahead of this week's important US macro data scheduled at the beginning of a new month, starting with the ISM Manufacturing PMI later this Monday.
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