GBP/USD Struggles Amid Weak UK Data and USD Strength
The GBP/USD pair is finding it challenging to regain momentum, weighed down by weaker-than-expected UK retail sales and a modest uptick in the US dollar. The disappointing retail figures highlight ongoing concerns about the strength of the UK economy, further dampening investor confidence in the pound.
Adding to the pressure, the US dollar continues to benefit from expectations that the Federal Reserve will keep interest rates elevated for an extended period. This hawkish stance supports the greenback, making it more attractive to investors seeking yield stability.
However, the pair’s downside is not entirely unchecked. Reduced bets on an additional rate cut by the Bank of England (BoE) in December have provided some cushioning for GBP/USD, preventing sharper declines. Despite this, the broader outlook for the pair remains bearish as macroeconomic factors and central bank policies tilt in favor of the USD.
In the coming sessions, GBP/USD is likely to stay under pressure, with resistance levels capping potential gains. Traders will closely monitor economic data from both sides of the Atlantic to gauge the pair’s next move. For now, the path of least resistance suggests continued weakness.
Adding to the pressure, the US dollar continues to benefit from expectations that the Federal Reserve will keep interest rates elevated for an extended period. This hawkish stance supports the greenback, making it more attractive to investors seeking yield stability.
However, the pair’s downside is not entirely unchecked. Reduced bets on an additional rate cut by the Bank of England (BoE) in December have provided some cushioning for GBP/USD, preventing sharper declines. Despite this, the broader outlook for the pair remains bearish as macroeconomic factors and central bank policies tilt in favor of the USD.
In the coming sessions, GBP/USD is likely to stay under pressure, with resistance levels capping potential gains. Traders will closely monitor economic data from both sides of the Atlantic to gauge the pair’s next move. For now, the path of least resistance suggests continued weakness.
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