British Pound

GBP/USD: The Pair saw a Sharp Decline with Price action

GBP/USD Hourly (H1) Chart
GBP/USD Hourly (H1) Chart

GBP/USD: The pair saw a sharp decline with price action as GBP came under huge pressure over disappointing construction PMI data. The pound is already suffering from Brexit and Covid-19 pandemic woes. Worse than expected gave a major blow to Pound bulls while USD gained on broad market caution. Price action has stabilised around mid-1.23 handle for now over disappointing US macro data that capped decline. Traders now await headlines from the USA for short term trading cues. 

Please feel free to share your thoughts with us in the comments below. 

Was this post helpful?