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GBP/USD languishes near June 26 lows as USD stays bid

The pound traded below 1.3200 in the Asian session, with traders awaiting US Nonfarm Payrolls for fresh direction.

Reported · Written up by our desk · Major Pairs

The British pound held near its lowest level since June 26, with GBP/USD touching the prior day’s low and trading below 1.3200 during the Asian session, as the US dollar stayed supported, according to FXStreet.

FXStreet said expectations ahead of the US Nonfarm Payrolls report are central to near term currency moves, with the data seen as a fresh input into the Federal Reserve policy path after bets for an October rate hike eased.

The outlet also pointed to a firm US Dollar Index near a one and a half year high, with oil driven inflation worries limiting any overnight pullback in US bond yields from multi year highs.

FXStreet added that safe haven demand linked to ongoing US Iran geopolitical uncertainty helped the USD, while 30 year gilt yields topping 6% for the first time since early 1998 weighed on the pound ahead of the Autumn Budget on October 28.

Latest closeGBP/USD 1.327 ▲0.1%|Dollar index 101.48 ▲0.1%

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