GBP/USD hangs near multi-month lows
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The GBP/USD pair entered a bearish consolidation phase during the Asian session on Tuesday and hovered in a range just above its lowest since March 17 touched the previous day. The pair is currently trading around the 1.2220 region, although the fundamental backdrop favors bearish traders and supports the prospect of an extension to the well-established downtrend witnessed during the period. the past two months.
Furthermore, upcoming soft US macro data supports the outlook for further Fed policy tightening, which remains supportive of the recent strong recovery in US Treasury yields and late Greenback. Additionally, the Bank of England's (BoE) unexpected pause in inflation last Thursday turned out to be another factor weighing on the GBP/USD pair.
The GBP/USD pair entered a bearish consolidation phase during the Asian session on Tuesday and hovered in a range just above its lowest since March 17 touched the previous day. The pair is currently trading around the 1.2220 region, although the fundamental backdrop favors bearish traders and supports the prospect of an extension to the well-established downtrend witnessed during the period. the past two months.
Furthermore, upcoming soft US macro data supports the outlook for further Fed policy tightening, which remains supportive of the recent strong recovery in US Treasury yields and late Greenback. Additionally, the Bank of England's (BoE) unexpected pause in inflation last Thursday turned out to be another factor weighing on the GBP/USD pair.
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