The GBP/USD pair gains some positive traction for the sixth successive day on Wednesday and climbs to a near three-week high during the Asian session.
GBP/USD scales higher for the sixth successive day and climbs to a near three-week high. Retreating US bond yields and a positive risk tone undermine the USD and lend support. Traders now look to the US PPI and FOMC meeting minutes for some meaningful impetus. Spot prices currently trade just below the 1.2300 round-figure mark and remain well supported by the prevalent selling bias surrounding the US Dollar .
That said, the markets are still pricing in the possibility of at least one more Fed rate hike move by the end of this year. This is holding back traders from placing aggressive bearish bets around the USD. Apart from this, firming expectations that the Bank of England will maintain the status quo in November might contribute to capping the GBP/USD pair. In fact, the BoE surprisingly paused its rate-hiking cycle in September and provided little hints of its intention to raise rates.
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