Dollar Strength Weighs on Pound Sterling

The US dollar has maintained its strength against major currencies, including Pound Sterling (GBP), as market participants anticipate an interest rate hike from the Federal Reserve.

This expectation of higher US rates has increased demand for the dollar and widened the yield differential, putting additional pressure on GBP/USD.

Currently, GBP/USD trades below its key moving averages across major timeframes, highlighting continued downward momentum.

The Ichimoku Kijun sits at 1.3438, establishing immediate resistance for the pair, and momentum indicators confirm persistent bearishness.