The GBP/USD pair edges lower during the Asian session on Tuesday and reverses a part of the previous day's goodish move up of over 85 pips from sub-1.
GBP/USD struggles to capitalize on the overnight positive move amid a modest USD strength. Expectations that the BoE is done raising interest rates contribute to the intraday downtick. The downside seems cushioned ahead of the FOMC on Wednesday and the BoE on Thursday. 2100 levels. Spot prices currently trade around the 1.2155 region, down just over 0.10% for the day and well within a familiar range held over the past week or so.
25% for the second successive time to support the ailing economy. This, in turn, favours bearish traders and suggests that the path of least resistance for the GBP/USD pair is to the downside. Moving ahead, there isn't any relevant market-moving economic data due for release from the UK, leaving spot prices at the mercy of the USD price dynamics.
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