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Market News GBP/USD Justifies Monday's Bearish Doji to Decline to 1.2000 in Advance of UK/US PMI

GBP/USD Justifies Monday's Bearish Doji to Decline to 1.2000 in Advance of UK/US PMI

GBP/USD accepts offers to re-establish intraday low following a lackluster week's start. Restoration of complete markets accelerates yields and renews the US Dollar's ascent. Cable price is negatively impacted by looming concerns over the Northern Ireland Brexit settlement and the UK recession. In addition to focusing on UK/US PMIs for fresh impetus, risk triggers are also essential.

Alina Haynes

2023-02-21

11124

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GBP/USD retests intraday lows at 1.2020 in the early hours of Tuesday morning as traders celebrate the return of Western traders after a long weekend due to US holidays. In addition to the return of the entire market, the Cable pair traders express concerns about the Brexit deal negotiations and questions about the confidence of small industries.

The UK Times reported late on Monday that British Ministers are willing to quit over (Prime Minister) Rishi Sunak's Brexit plan if it threatens Northern Ireland's place within the United Kingdom. The Times reported that "Euroskeptic Conservative MP opposition to the pact is growing."

The Times cites Barclay's industrial survey elsewhere to suggest that small business owners are growing optimistic about their futures. The same adds to evidence suggesting the economic prognosis for the United Kingdom may not be as dire as feared, as reported in the press.

Fears of a monetary policy divergence between the Federal Reserve and the Bank of England (BoE), bolstered by the week's mixed British figures and the robust American data, appear to be weighing on the GBP/USD exchange rate.

In spite of this, the yields on 10-year U.S. Treasury bonds are pushed up to levels around the highest levels seen since early November 2022, with bids hovering at 3.86 percent at the latest.

Moreover, geopolitical concerns originating from China and Russia appear to support the US Dollar's safe-haven demand and weigh on the GBP/USD exchange rate.

The early readings of the S&P Global PMIs for February will be key for traders of the GBP/USD pair. To put a floor under the prices, however, optimistic news from the United Kingdom is required since the most recent US Treasury bond yield movements have favored the US Dollar ahead of the most important US PMIs.