GBP/USD drops after strong US ISM Manufacturing PMI data
Yesterday's dip in GBPUSD didn't come as a shocker—it was right within our predictions. The Sterling took a hit during the North American trading session, buffeted by the US's robust economic data that might sway the Federal Reserve away from cutting interest rates. This situation bolstered the US dollar as soaring US Treasury yields put a damper on the Cable's prospects.
Currently, GBP/USD is trading at 1.2543, and a short-lived correction to retest the breakout zone is anticipated. However, this adjustment isn't expected to last long as the current market environment continues to favor those betting on a SELL strategy!
Currently, GBP/USD is trading at 1.2543, and a short-lived correction to retest the breakout zone is anticipated. However, this adjustment isn't expected to last long as the current market environment continues to favor those betting on a SELL strategy!
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