GBP/USD retraces some gains amid lack of fresh catalysts, USD pullback

Article summary

With the US Federal Reserve policymakers keep favoring the easy monetary policy, pessimism surrounding the UK couldn’t derail the GBP/USD pair’s recovery as it trades near 1.2525 amid initial Friday session. The European Commission leader nominee, Ursula von der Leyen, reiterated her refrain from discussing the Brexit deal with the UK’s new PM while also supporting hard Irish border. Lack of economic data on the calendar might keep pushing investors toward political/trade headlines, where the sentiment hasn’t been positive off-late, for fresh direction. Unless breaking 1.2500 chances of the pair’s run-up towards 21-day exponential moving average level of 1.2595 can’t be denied, which in turn dims prospects of the pair’s declines to 1.2440, followed by current month low near 1.2430.

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