GBP/USD falls towards 1.1800 on risk-off mood as sellers eye 1.1700 – by christianborjon GBPUSD Majors Macroeconomics Technical Analysis
as China’s Covid-19 crisis worsens, reporting its first related death in six months, increasing worries of lockdowns in the second largest economy. In the last week, hawkish Federal Reserve rhetoric weighed on investors, which lifted global equities from their yearly lows. At the time of writing, the GBP/USD is trading at 1.1816, beneath its opening price by 0.60%.
On the United Kingdom side, the Office for Budget Responsibility foresees a drop of 1.4% in GDP for 2023, worst than the estimated 1.8% growth in March. Meanwhile, expectations that the Bank of England would tighten monetary policyAhead in the week, the UK economic docket Is light, awaiting S&P Global/CIPS PMIs on Wednesday. Across the pond,After rallying towards fresh three-month highs above 1.2000, the GBP/USD retraces toward testing the September 13 swing high-turned-support at 1.1738.
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