The GBP/USD pair struggles to capitalize on the previous day's modest bounce from the 1.3020 area or a one-month low and oscillates in a narrow band during the Asian session on Friday.
GBP/USD draws support from subdued USD demand, though bulls remain on the sidelines. Expectations for more aggressive BoE policy easing undermine the GBP and cap the major. Traders now look to the UK data dump for short-term impetus ahead of the US PPI report. The GBP/USD pair struggles to capitalize on the previous day's modest bounce from the 1.3020 area or a one-month low and oscillates in a narrow band during the Asian session on Friday. Spot prices currently hover around mid-1.
In the latest development, Israel's army said that it has killed the top commander of the Palestinian militant group Islamic Jihad in the Nur Shams refugee camp in the occupied West Bank. This, along with the market conviction that the Bank of England might be heading towards speeding up its rate-cutting cycle, might continue to undermine the British Pound and keep a lid on the currency pair.
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