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TODAY GBPUSD SIGNAL : GBPUSD bounces off multi-week low, keeps the red below 1.2500 amid stronger USD

TODAY GBPUSD UPDATE

TODAY GBPUSD SIGNAL : GBPUSD bounces off multi-week low, keeps the red below 1.2500 amid stronger USD

  • Sustained USD buying interest dragged GBP/USD to a near three-week low on Tuesday.
  • A generally weaker risk tone, elevated US Treasury bond yields underpinned the buck.
  • The downside seems limited as traders wait for the crucial US CPI report later this week.

TODAY GBPUSD SIGNAL : The GBP/USD pair managed to recover a few pips from a near three-week low touched in the last hour and was last seen trading around the 1.2470 region, still down nearly 0.50% for the day.

Despite the fact that the UK Prime Minister Boris Johnson survived a vote of no confidence, the British pound, so far, has struggled to attract buyers and remains at the mercy of the US dollar. A generally softer risk tone, along with the recent strong rally in the US Treasury bond yields, continued acting as a tailwind for the buck and prompted fresh selling around the GBP/USD pair on Tuesday.

TODAY GBPUSD SIGNAL : The market sentiment remains fragile amid concerns that a more aggressive move by major central banks to constrain inflation could pose challenges to global economic growth. Investors also seem worried that the global supply chain disruption caused by the Russia-Ukraine war would continue to push consumer prices higher and force the Fed to tighten its monetary policy at a faster pace.

This, in turn, lifted the yield on the benchmark 10-year US government bond beyond the 3.0% threshold for the first time in nearly four weeks and offered additional support to the greenback. Hence, the market focus will remain glued to the US CPI report on Friday, which might determine the Fed’s policy tightening path and will play a key role in driving the near-term USD price dynamics.

In the meantime, the broader market risk sentiment and the US bond yields might influence the USD amid absent top-tier economic releases. This, in turn, should allow traders to grab short-term opportunities around the GBP/USD pair.

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FIRST CAPITALS brand is authorized and regulated in various jurisdictions.

First Capitals Limited (www.First Capitals.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475.

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Exinity Limited is a member of Financial Commission, an international organization engaged in a resolution of disputes within the financial services industry in the Forex market.

Risk Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of the FIRST CAPITALS brand based on the legal requirements in his/her country of residence.  Please read FIRST CAPITALS’s full Risk Disclosure.

Regional restrictions: FIRST CAPITALS brand does not provide services to residents of the USA, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus and Hong Kong. Find out more in the Regulations section of our FAQs.

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