British Pound consolidates near three-week low as Fed bets and Iran tensions support USD
The GBP/USD pair consolidates below the 1.3500 psychological mark during the Asian session on Thursday and remains close to a three-week low, touched the previous day.
The GBP/USD currency pair remains close to a three-week low during the Asian session on Thursday. The US Dollar stabilizes as traders anticipate a Federal Reserve rate hike this month. Geopolitical tensions between the US and Iran have heightened, with ongoing clashes at the Strait of Hormuz. Although US bond yields are falling, they are not strong enough to motivate aggressive bets on the Greenback.
Market participants are eagerly awaiting the release of the US ISM Services PMI and the Nonfarm Payrolls report on Friday. The GBP/USD pair is trading near the 200-period Simple Moving Average and above the 50.0% Fibonacci retracement of the recent price range. A break below key support levels could lead to further declines, with potential support at the 1.3425 and 1.3357 Fibonacci levels.
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