GBP Slips Below $1.3600 as USD Stabilizes
The British Pound (GBP) has edged lower against the US Dollar (USD) during the Asian session, retreating from its highest level since May 11. The spot price slipped below $1.3600 in the last hour, but the fundamental backdrop remains tilted in favor of bulls.
On the other hand, the USD stabilized after a previous day's slump to a three-month low, driven by the US Treasury Department's decision to provide relief to bond markets and increase purchases of longer-dated government debt. This move helped limit further USD losses amid ongoing geopolitical uncertainties stemming from the US-Iran standoff.
However, hawkish FOMC Minutes showed broader support for rate increases, which may help hold back bearish traders from positioning for a corrective slide in the GBP/USD pair.