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GBP/USD has retreated from the daily high around 1.3733, and advanced by 0.20% during the New York session, trading at 1.3688.
The British pound could not hold to the 1.3700 level, broke the latter in a counter-trend move, which in 4-hours witnessed a 60 pip drop.
Market sentiment has driven trading decisions across the market, portrayed by U. S. shares indexes, posting gains between 1.47% and 1.82%.
Risk-sensitive currencies, like the AUD and the GBP, are greatly favored. Additionally, the British pound had a boost over the weekend when Bank of England’s members expressed their interest in tackling rising inflation by hiking interest rates.
The USD has been under selling pressure across the board, with the U. S. Dollar Index that measures the the American currency’s performance against a basket of six currencies, slides 0.11%, clings to 93.97. Despite those factors, the US dollar trimmed some of its losses against the Sterling.
