GBP/USD Price Forecast: Holds onto gains near 1.3500 amid risk-on mood
The British Pound (GBP) clings to opening gains around 1.3500 against the US Dollar (USD) during the late European trading session on Monday. The GBP/USD pair trades higher as the market sentiment remains risk-on due to expectations that the United States (US) and Iran will reach a deal soon.
At the press time, S&P 500 futures are up almost 1% around 7,550, reflecting strong demand for riskier assets. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.33% lower to near 99.00. Read more…
British Pound builds on intraday gains vs weaker USD; approaches 1.3500 on Iran deal hopes
The GBP/USD pair is seen building on its modest bullish opening gap on Monday and recovering further from its lowest level since April 8, around the 1.3300 round figure touched last week. The intraday move up is sponsored by a broadly weaker US Dollar (USD) and lifts spot prices back closer to the 1.3500 psychological mark, or a one-and-a-half-week high during the Asian session.
Developments over the weekend spurred hopes for a potential US-Iran peace deal and undermined the USD’s reserve currency status. Furthermore, an intraday slump in Crude Oil prices to over a two-week low eases inflationary concerns and trigger a steep decline in US Treasury bond yields, exerting additional downward pressure on the buck and providing a goodish lift to the GBP/USD pair. Read more…
