Forex
GBP Plunges as Dovish Bailey Tone Combines with Higher US Dollar
The British pound (GBP) is struggling to find support against its major currency peers, trading 0.1% lower at around 1.3420 against the US Dollar (USD) during the European session on Tuesday.
According to analysts at Rabobank, the GBP net shorts bounced higher last week ahead of the Bank of England's policy meeting, underscoring renewed speculative pressure on the Pound.
The selling pressure in the GBP/USD pair is also driven by the higher US Dollar, which is trading slightly higher near 100.05, and investors' caution ahead of key United States economic releases.