GBP/USD pressured into fresh daily lows

From an hourly perspective, GBP/USD is decelerating into a 38.2% Fibonacci retracement level, so, the GBP/USD pair is down by some 0.45% on the day so far while risk assets see some recovery following the bumpy ride into Jackson Hole speeches.

The sterling climbed to 1.1760 from 1.1621 on Tuesday in what was a US dollar move across the board. The US dollar has sunk from the session highs of 109.111 and now idles at 108.80 according to the Dollar Index, up slightly on the day after rising from a low of 108.286.

The US dollar is softer despite world stocks retreating again on Tuesday amid concerns about the chance of more interest rate hikes in Europe and the United States. Data this week, so far, has kept the hawkish sentiment going while economic growth and inflation readings have remained firm on either side of the pond despite the policy tightening so far.

US data showed on Tuesday that job openings increased in July, underpinning the case for the Federal Reserve to stick to its aggressive monetary policy tightening path. In other data, August’s US CB Consumer Confidence rose to 103.2, topping expectations of 98.

At the same time, the US Department of Labour reported that job openings on the JOLTs Openings report rose by 11.2 million, exceeding all the forecasts, while quits diminished.