The GBP\/USD pair comes under intense selling pressure on Friday and extends the overnight retracement slide from the vicinity of mid-1.2300s, or its highest level since February. Spot prices, however, manage to rebound a few pips from the daily low and trade above the 1.2200 mark during the early North American session, still down nearly 0.60% for the day.
A fresh wave of the global risk-aversion trade – amid lingering concerns about a full-blown banking crisis – assists the safe-haven US Dollar (USD) to build on the previous day’s solid bounce from a seven-week low. Apart from this, the weaker-than-expected release of UK PMI prints for March weighs on the British Pound and further contributes to the heavily offered tone surrounding the GBP\/USD pair.
The Fed’s hints of a pause to interest rate hikes, along with the anti-risk flow, lead to a further steep decline in the US Treasury bond yields. Furthermore, the disappointing US Durable Goods Orders act as a headwind for the USD and lend some support to the GBP\/USD pair. Spot prices showed some resilience below the 1.2200 resistance-turned-support.
On the flip side, any meaningful recovery now seems to confront an immediate hurdle near the 1.2270-1.2275 region. A sustained move beyond has the potential to push the GBP\/USD pair back above the 1.2300 round figure, towards resting the multi-week high, around the 1.2340-1.2345 region touched on Thursday. Bulls might then aim to reclaim the 1.2400 mark and the YTD peak around the 1.2445-1.2450 zone.
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The GBP\/USD pair comes under intense selling pressure on Friday and extends the overnight retracement slide from the vicinity of mid-1.2300s, or its highest level since February. Spot prices, however, manage to rebound a few pips from the daily low and trade above the 1.2200 mark during the early North American session, still down nearly …<\/p>\n","protected":false},"author":13,"featured_media":54454,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[8337,6885,7034],"class_list":["post-81943","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-durable-goods-orders","tag-fed","tag-gbp-usd"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=81943"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81943\/revisions"}],"predecessor-version":[{"id":81962,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81943\/revisions\/81962"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/54454"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=81943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=81943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=81943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}