GBP/USD breaks its three-day losing streak, trading around 1.2700 during the Asian session on Thursday.
GBP/USD appreciates as the US Fed is widely expected to deliver a deeper rate cut in September. The upside of the GBP could be limited due to increased risk aversion amid rising Middle-East tensions. Two US intelligence officials said that Iran and its allies are preparing potential retaliation against Israel. This upside could be attributed to the weaker US Dollar as the US Federal Reserve is widely anticipated to implement a more aggressive rate cut beginning in September.
It is the fourth most traded unit for foreign exchange in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, aka ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders , and EUR/GBP . The Pound Sterling is issued by the Bank of England .
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