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British Pound Consolidates Above 1.3500 vs USD
Developing
In Short: The GBP/USD pair consolidates above 1.3500 as traders await key central bank events, supported by better-than-expected UK GDP data, despite a cautious approach ahead of these risks.
The GBP/USD pair consolidates above the 1.3500 psychological mark, struggling to capitalize on a recent bounce from the monthly swing low, as traders remain cautious ahead of significant central bank events this week.
The British Pound (GBP) draws support from Friday's better-than-expected UK GDP report, which showed the economy expanded 0.4% in July, exceeding consensus estimates for a flat reading.
The Pound Sterling is issued by the Bank of England (BoE), and with the GBP being the fourth most traded unit in the world, accounting for 12% of all transactions averaging $630 billion a day as per 2022 data.
What's still developing
- Traders seem hesitant to place aggressive directional bets and opt to move to the sidelines ahead of the key central bank event risks.
- A sustained break above these would open the way toward the 23.6% Fibo.
- The hefty Halloween treat weighs 5½ pounds and includes a mallet to smash the monster’s head and get at the gummies, which are shaped like body parts.
Sources
- FXStreetlink