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GBP/USD approaches the 50-day moving average as DXY follows yields lower, UK politics and US GDP are watched
GBP/USD is supported by widespread dollar depreciation and cautious optimism on the market, which protects purchasers. After a month of political uncertainty in the United Kingdom, Rishi Sunak's credibility keeps purchasers optimistic. Downbeat PMIs, geopolitical concerns over Russia, and hawkish Fed forecasts test the strength of the uptrend. Prior to the release of the US GDP for the third quarter on Thursday, intraday investors may be interested in secondary US data.
GBP/USD advances over 1.1300, gaining 0.25 percent intraday, as investors applaud a weaker US dollar and anticipate a conclusion to the UK's parliamentary turmoil on Tuesday morning. Nonetheless, a lack of important data/events and sluggish markets, not to mention the immediate technical challenges, pose obstacles for pair buyers following a negative start to the week.
Following his election as the third British Prime Minister in less than two months, the former Financial Minister Rishi Sunak informed his supporters that the United Kingdom has a "deep economic problem." The politician further stated, "We now require stability and unity, and I will make it my top priority to unite our party and our nation." GBP/USD purchasers are optimistic about surviving the month-long political uncertainty in light of Sunak's credibility, which is largely attributable to his experience of working at Goldman Sachs and accurately anticipating financial turmoil if Liz Truss launches her fiscal stimulus.
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