GBP/USD soars above 1.2500 as a bullish-engulfing pattern emerges GBPUSD Currencies Majors
US Dollar and appetite for riskier assets seem to be behind GBP/USD’s recovery. At the time of writing, the GBP/USD is trading at 1.2515.The US economic agenda reported the New York Empire State Manufacturing Index, which disappointed investors, plunged -31.3 vs. the -3.9 estimated. The report revealed that nearly 50% of respondents to the survey said business conditions worsened.
Aside from the data, the US debt ceiling continues to grab the headlines. US President Joe Biden commented that talks were “moving along,” while Lael Brainard, the National Economic Director, commented that negotiations were serious and constructive.
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