The past 24 hours have been tough for the GBP/USD exchange rate pairing, however underlying technical strength could see the pound sterling rebound against the dollar.
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The US dollar (USD) is advancing in determined fashion against the British pound on Monday morning as traders holding long GBP positions are forced out of the market.
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The British pound has lost ground against the US dollar on Friday following from a data set that confirms the UK economic rally may have peaked.
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Analysts continue to back the British pound against the US dollar on the foreign exchange rate markets. Event risk from the Bank of England lies ahead however.
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GBP/USD has traded a steady range over the last 24 hours as investors gear up for the FOMC Minutes tonight, central bank monetary policy announcements tomorrow and US employment data on Friday.
Read more … →The British pound has fallen back against the US Dollar on Monday morning, further reinforcing the pair's lacklustre start to 2014.
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The USD made a decent recovery against the EUR and GBP yesterday, but lost ground against the JPY and AUD.
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