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Market News GBP/USD Holds Above 1.2200, But Because Of Geopolitical Worries, Bulls Stay Away

GBP/USD Holds Above 1.2200, But Because Of Geopolitical Worries, Bulls Stay Away

GBP/USD recovers from a fall during the Asian session to levels below 1.2200, although there is no more buying. The USD is supported by rising geopolitical tension in the Middle East and hawkish Fed predictions. The GBP bulls are held back from making bold wagers by expectations that the BoE is finished raising rates.

TOP1 Markets Analyst

2023-10-09

6526

After a small bearish gap that opened to sub-1.2200 levels on the first day of the new week, the GBP/USD pair draws some dip buying and advances back towards the one-week high that was hit on Friday. Spot prices are still dependent on the dynamics of the US Dollar (USD) price and are now trading in the 1.2220-1.2225 range.

In the aftermath of the worldwide rush to safety, spurred by growing geopolitical tensions in the Middle East, the safe-haven narrative did receive a little boost. In a historic step on Saturday, the militant Hamas faction in Gaza, Palestine, targeted Israeli towns. In retaliation, Israel declared war on the Palestinian enclave of Gaza on Sunday and began airstrikes there, killing hundreds of people on both sides. Nevertheless, the uncertainty surrounding the Federal Reserve's (Fed) potential rate-hike trajectory restrains aggressive wagering by USD bulls and provides some support for the GBP/USD pair.

The economy added 336K jobs in September, according to the highly anticipated US monthly jobs statistics (NFP) released on Friday. This figure was higher than market projections and the upwardly revised 227K number from the previous month. The data confirms expectations for at least one more rate hike by the end of the year from the Fed, which supports rising US Treasury bond yields and keeps the USD strong. However, more information in the study showed that pay growth was mild during the month under review, allaying fears about inflation. Consequently, the Fed may be able to moderate its aggressive position.

Because of this, investors closely monitor this week's FOMC meeting minutes, which are released on Wednesday, and the most recent US consumer inflation data, which are released on Thursday. This will assist investors in determining the Fed's future course of action, which will ultimately determine the trajectory of the USD and give the GBP/USD pair new momentum. As for the British pound (GBP), predictions that the Bank of England (BoE) would maintain interest rates steady at its upcoming meeting in November should hold the lid on any significant increase for market prices.