The most active trading sessions for the GBP/USD currency pair occur in London and New York, with some activity during Asian markets from 2400 GMT to 0900 GMT..
GBP/USD is sensitive to political and economic developments in the UK. It's influenced by interest rate differentials, economic data, and geopolitical events. For the latest updates and forecasts on GBP/USD, consult reliable sources and market analysis reports to make informed trading decisions
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The British Pound initially tried to rally a bit against the US dollar during the trading session on Friday, but then plunged as Israel attacked Iran.
The US dollar has been strong for some time, and recently we have seen the GBP/USD pair go back and forth.
In limited trading, the British pound received a boost after the latest UK inflation reading exceeded expectations and shifted the odds in favor of an August rate cut.
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The British pound has rallied significantly during the early hours on Wednesday but has given back some of the gains.
According to this week's trading, the pound sterling fell against the euro and the US dollar after Britain announced an unexpected rise in the unemployment rate.
For the second week in a row, the GBP/USD pair has been completing its strong downward correction path, which has pushed it towards the 1.2425 support level, its lowest in five months.
The GBP/USD continued its decline last week as the US Dollar Index (DXY) gained strength.
The British pound initially rally during the trading session on Thursday to reach the 200-Day EMA, but then turned around to show signs of negativity.
The pound sterling fell as traders flocked to the US dollar amid falling expectations of US rate cuts.
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Amid a temporary halt in US dollar gains ahead of important data and events, the price of the GBP/USD pair managed to rebound higher, extending gains above the resistance level of 1.2710 before settling around the 1.2675 level at the start of Wednesday's session.
The British pound continued to decline to below $1.26, as a strong US jobs report raised expectations that the Federal Reserve will deliver fewer rate cuts this year compared to the Bank of England.
The US dollar fell against other major currencies after the ISM Services PMI survey showed a slowdown in momentum, raising hopes that the Federal Reserve will cut interest rates for the first time in June.
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Sign up to get the latest market updates and free signals directly to your inbox.Finally, hopes of the GBP/USD currency pair moving towards the psychological resistance level of 1.3000 in the near term have evaporated.
At the end of last month, the pound fell to $1.26, close to its lowest level since February 19, and is on track to lose about 1% against the dollar in the first quarter.
The recent failure of the pound to hold its ground has seen the GBP/USD currency pair break below the 1.2600 support level.