Bets for smaller Fed rate hikes cap the upside for the buck and lend support to the pair.pair retreats from a one-month high touched earlier this Monday and remains on the defensive through the early North American session, though lacks follow-through. The pair is currently placed around the 1.2200 mark and is weighed down by a modest US Dollar strength.
The British Pound is further undermined by a bleak outlook for the UK economy, which has been fueling speculations that the could be nearing the end of its rate-hiking cycle. That said, expectations for a less aggressive policy tightening by the Fed are also capping the attempted USD recovery and act as a tailwind for the GBP/USD pair.
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