The GBP/USD pair struggles to build on the overnight goodish rebound from the 1.2615 area, or a multi-day low and oscillates in a narrow band during the Asian session on Wednesday.
GBP/USD lacks firm intraday direction on Wednesday amid mixed fundamental cues. August BoE rate cut bets cap the GBP ahead of the UK general elections on Thursday. Traders also seem reluctant and prefer to wait for the release of the FOMC minutes. Spot prices remain confined in a familiar range held over the past two weeks or so and currently trade just below the 1.2700 round-figure mark.
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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