We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood

We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details

Trader Affiliates

Market News GBP/USD Pares Intraday Losses, Trading Slightly Lower At 1.2420 In Advance Of US PMIs

GBP/USD Pares Intraday Losses, Trading Slightly Lower At 1.2420 In Advance Of US PMIs

Friday sees some selling pressure on GBP/USD, although the decline lacks adverse conviction. The disappointing UK Retail Sales data and varied UK PMIs weaken and exert pressure on the GBP. Regressing US bond yields limit intraday USD appreciation and provide support for the pair.

Alina Haynes

2023-04-23

6631

GBP:USD.png

Near the 1.2375 area, the GBP/USD pair halts its intraday decline and recovers over 40 pips from a three-day low reached earlier on Friday. Spot prices, however, remain in the red throughout the early North American session and are currently trading in the region between 1.2415 and 1.2420, down nearly 0.20 percent for the day.

Following disappointing UK macro releases, the British Pound weakens across the board, which, along with an intraday rise in the US Dollar (USD), exerts some downward pressure on the GBP/USD pair. In actuality, the UK Office for National Statistics reported that domestic Retail Sales decreased by 0.9% in March and sales excluding fuel fell by 1% during the same month, both of which fell short of consensus estimates. In addition, the flash UK Manufacturing PMI delivers a negative surprise and falls further into contraction territory to 46.6 in April, offsetting the better-than-anticipated rise in the Services PMI to 54.9.

On the other hand, the USD was initially supported by a growing consensus that the Federal Reserve (Fed) will continue to raise interest rates. This was viewed as a further factor impacting on the GBP/USD pair, although the intraday decline has halted in front of the strong horizontal support at 1.2350. Together, the persistent decline in US Treasury bond yields and the modest improvement in global risk sentiment operate as a headwind for the safe-haven Greenback. Aside from this, rising wagers on a further interest rate increase by the Bank of England (BoE) in May help limit losses for the major, at least for the time being.

Before positioning for a firm near-term direction, aggressive speculators should proceed with caution due to the aforementioned muddled fundamental backdrop. Now, market participants anticipate the release of preliminary US PMI prints. Along with the US bond yields and broader risk sentiment, this will impact the USD price dynamics and enable traders to capitalize on short-term opportunities in the GBP/USD pair.