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GBP/USD rises off 1.3200 as USD pulls back
The pair was trading near 1.3240, up less than 0.1% on the day, as traders trimmed USD after a strong USD rally.
FXStreet reports the GBP/USD pair attracted dip-buyers near 1.3200 on Tuesday and reached a fresh daily high in the first half of the European session.
The outlet said spot prices were trading around 1.3240, up less than 0.10% for the day, with the US dollar edging lower as some traders took profits after a recent strong USD rally.
FXStreet also linked GBP support to expectations for tighter Bank of England policy tied to sticky inflation from elevated energy prices, while noting downside for the USD was tempered by ongoing geopolitical uncertainty.
The piece added that traders were pricing in more than an 85% chance the US Federal Reserve will raise borrowing costs again by year end, with elevated US bond yields keeping a floor under USD demand.
Latest closeGBP/USD 1.321 ▼0.2%