The GBP/USD pair extends its consolidative price move for the second successive day on Wednesday and remains well within the striking distance of the
lowest level since March 16 touched the previous day. Spot prices trade below the 1.2100 mark during the Asian session and seem vulnerable to prolonging a nearly three-month-old downtrend from a 15-month peak set in July. stands tall near a 10-month high in the wake of the Federal Reserve's hawkish view and turns out to be a key factor acting as a headwind for the GBP/USD pair.
Meanwhile, the prolonged selloff in the US fixed-income market adds to concerns about economic headwinds stemming from rapidly rising borrowing costs. This, in turn, tempers investors' appetite for riskier assets and turns out to be another factor that benefits the safe-haven Greenback.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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