The GBP/USD pair catches fresh bids on the first day of a new week and sticks to its intraday gains through the early part of the European session. Sp
GBP/USD attracts some buying on Monday and draws support from a modest USD downtick. The uncertainty over the Fed’s rate-hike path and a positive risk tone underpin the greenback. Elevated US bond yields limit the USD losses; Bets that the BoE is done raising rates cap the pair. ot prices currently trade around the 1.2175-1.2180 region, up 0.30% for the day, and for now, seem to have snapped a two-day losing streak to a one-week low touched on Friday.
The BoE surprisingly paused its rate-hiking cycle in September and provided little hints of its intention to raise rates. This makes it prudent to wait for strong follow-through buying before confirming that the pair's recent corrective pullback from the vicinity of mid-1.2300s, or the monthly peak touched last Wednesday, has run its course.
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