GBPUSD MARKET UPDAT :GBPUSD retreats from over one-week high, up a little around 1.1200 mark.




GBP/USD retreats from over one-week high, up a little around 1.1200 mark

  • GBP/USD climbs to over one-week high as the UK withdraws plan to scrap higher tax rate.
  • The UK’s bleak economic outlook acts as a headwind for the sterling and caps the upside.
  • Aggressive Fed rate hike bets continue to underpin the USD and prompt intraday selling.

GBPUSD MARKET UPDATE :The GBPUSD pair fades an intraday bullish spike and retreats nearly 100 pips from the 1.1280 area, or over a one-week high touched earlier this Monday.

The British pound gets a lift after UK Finance Minister Kwasi Kwarteng confirmed that his government will not go ahead with a plan to scrap a 45% rate of income tax. This, in turn, helps ease the concerns about the UK’s ballooning public debt and allows the GBP/USD pair to build on last week’s recovery move from an all-time low.

GBPUSD MARKET UPDATE :The positive momentum, however, runs out of steam near the 1.1280 region amid a bleak outlook for the UK economy. This, along with the underlying bullish sentiment surrounding the US dollar, further contributes to capping the GBP/USD pair. This, in turn, warrants some caution before positioning for any further intraday appreciating move.

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