GBP/USD flirts with daily high amid softer USD, upside potential seems limited By HareshMenghani GBPUSD Inflation Fed BOE Brexit
The pair attracted some buying on Thursday and recovered a part of the overnight slump, though any meaningful recovery still seems elusive. A softer tone surrounding the US Treasury bond yields kept thebulls on the defensive and extended some support to the GBP/USD pair. That said, the risk-off mood, along with the prospects for a more aggressive policy tightening by the Fed, should limit losses for the greenback and cap any further gains for the major.
On the other hand, the British pound was weighed down by looming recession risk and diminishing odds for any further interest rate hikes by the Bank of England. The latest UK consumer inflation figures released on Wednesday, along with a surprise contraction of the economy in March, fueled stagflation fears.
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