British Pound slips as 2004-era US yields lift the US Dollar
The Pound Sterling (GBP) drops some 0.38% against the US Dollar (USD) on Tuesday as the latter continues to appreciate, even though US Consumer Confidence deteriorated and jobs data confirmed the strength of the US labor market.
The British Pound (GBP) experienced a decline of 0.38% against the US Dollar (USD) on Tuesday, as the Greenback continued to gain strength. Despite a drop in US Consumer Confidence and robust employment data, the US Dollar Index (DXY) rose by 0.29% to 101.47, posing a challenge to the Sterling, which has struggled to find support.
The UK Prime Minister pledged to maintain pension levels, but warned that the triple lock would be adjusted after the next election. The Bank of England's Monetary Policy Committee members raised concerns about rate hikes if energy prices stay high and signaled a credibility issue if inflation remains above 2%. The US economic calendar will focus on Core PCE, GDP figures, and Fed speeches, while the UK economic growth data will be released.
Technical analysis shows GBP/USD trading near 1.3213, with key support levels at 1.3320 and 1.3438, forming a bearish trend.
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