The GBP/USD pair attracts some dip-buying following a modest bearish gap opening to sub-1.2200 levels on the first day of a new week and moves back cl
GBP/USD reverses an Asian session dip to sub-1.2200 levels, albeit lacks any follow-through buying. Escalating geopolitical tension in the Middle East and hawkish Fed expectations underpin the USD. Expectations that the BoE is done hiking rates hold back the GBP bulls from placing aggressive bets. oser to a one-week high touched on Friday. Spot prices currently trade around the 1.2220-1.2225 area and remain at the mercy of the US Dollar price dynamics.
The data reaffirms bets for at least one more Fed rate hike move by the year-end, which remains supportive of elevated US Treasury bond yields and underpins the USD. Additional details of the report, however, revealed that wage growth remained moderate during the reported month and eased inflationary concerns. This, in turn, might allow the Fed to soften its hawkish stance.
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