GBP/USD Pair Finds Support at 1.1300 Ahead of FOMC.

 

After touching its lowest level since 1985 earlier on Wednesday, the GBP/USD pair has recovered a few pips since then. A retreat throughout the trading session in the rates on US bonds puts a ceiling on advances for the USD and provides support for the pair. A bullish conviction is missing from the attempted rebound, which comes ahead of the highly anticipated FOMC announcement.

The British pound to United States dollar currency pair finds some support close to the 1.1300 level and recovers a few pips after touching its lowest level since 1985 earlier on Wednesday. On the other hand, the pair trades in the red for the second day in a row and is presently trading slightly below the middle of the 1.1300s, reflecting a loss of around 0.30% for the day.

Various variables help the US dollar to achieve significant follow-through impetus, which, in turn, puts negative pressure on the GBP/USD pair. The dollar continues to get support from investors’ expectations that the Federal Reserve would announce another massive rate hike of 75 basis points after a two-day policy meeting on Wednesday. In addition, the possibility of a further escalation in the conflict between Russia and Ukraine provides additional support for the safe-haven value of the US dollar.

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