GBP/USD remains under selling pressure below the mid-1.2100s during the early European session on Thursday. A rise in the US Treasury bond yields and
GBP/USD Price Analysis: Extends its downside above the 1.2100 mark amid the risk-off mood the escalating geopolitical tension between Israel and Hamas boost the US Dollar demand and exert some selling pressure on the GBP/USD pair. The major currently trades near 1.2123, losing 0.14% on the day. From the technical perspective, GBP/USD holds below the 50- and 100-hour Exponential Moving Averages on the four-hour chart, which means further downside looks favorable.
The British Pound continues with its relative underperformance in the wake of the uncertainty over the next policy move by the Bank of England , which, in turn, is seen as a key factor acting as a headwind for the GBP/USD pair. The latest UK consumer inflation figures released on Wednesday showed that the headline CPI remained steady at 6.7% in September against expectations for a modest dip to 6.6%, riving bets for a potential BoE rate hike in November.
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