GBP/USD Falls Under 1.1950 as US Dollars Finds New Strength

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GBP/USD trends downward this morning, subsequently falling below 1.1950. This is due to the increased strength of the USD. The US dollar index is being bought and sold at its highest value in almost twenty years beyond the 106 price level.

The dollar index received offers up to 107.09, as it corrects the initial losses close to its twenty years height. The USD  gauges reversed from the many year’s heights yesterday: Thursday, due to heterogeneous United States data. Also, this combined with the anxiety of economic depression, because of efforts of the Federal Reserve and BOE to calm recession worries.

GBP/USD Falls Under 1.1950 as US Dollars Finds New Strength

More Information to Guide GBP/USD Traders

Adding to the USD correction, Buyers and Seller are also happy about the resignation of Boris Johnson: UK Prime minister. This development brought relief to oppositions and eliminated much influence of political damage. Nevertheless, the challenge of appointing another successor and a new cabinet continue to antagonize the risk – mood.

Therefore, GBP/USD buyers and sellers should monitor United Kingdom politics for instant guidance. Nevertheless, United States employment figures for last month’s (June) news about the recession will be key to monitoring for new impulses. Prediction suggests that the NPF will publish the smallest increase in employment since April 2021, reducing to 290,000 from 390,000. Also, the unemployment rate may remain constant at 3.6% for April 2021.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.