Today, GBP/USD rose higher during the Asian trading session on Tuesday, despite a lack of follow-through. The decline in US bond yields weakened the USD and provided support for borrowing. On the other hand, the prospects of the Bank of England (BoE) still lean towards pausing interest rates in November, but the upcoming GDP of the United Kingdom (Thursday) could add further hawkish bets as forecasts reveal strong growth.
The US bond market will be closed on Monday to observe Columbus Day. This week, GDP data from the United States and the United Kingdom will play a crucial role in short-term direction as well as developments in the Middle East.
Due to the reasons, buyers of GBP/USD at this time will continue to push prices higher, currently at 1.2235 USD with an expected increase to 1.2380 USD.
The US bond market will be closed on Monday to observe Columbus Day. This week, GDP data from the United States and the United Kingdom will play a crucial role in short-term direction as well as developments in the Middle East.
Due to the reasons, buyers of GBP/USD at this time will continue to push prices higher, currently at 1.2235 USD with an expected increase to 1.2380 USD.
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Geopolitical developments, however, could limit GBP/USD's upside. A further escalation of the Israel-Hamas conflict could cause market participants to move away from risk-sensitive assets and help the USD find a foothold.
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