The GBP/USD pair is facing numerous challenges as it remains confined to a narrow trading range near the mid-1.2700 level, particularly with global market dynamics shifting.
Despite reaching a three-week high above 1.2800, the market’s current conditions emphasize the need for traders to exercise patience and caution in their trading strategies.
The latest Non-Farm Payrolls report hinted at an uptick in unemployment, briefly raising expectations for Federal Reserve rate cuts, although market reactions soon subsided.
The dollar's ongoing strength is credited to external factors, including geopolitical tensions and economic worries related to China, coupled with a worrying outlook for the UK economy.
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