GBP/USD Price Analysis: Daily low recovered, no follow-through

 

GBP/USD makes a little intraday rebound, but no more purchasing is seen. Support comes from a muted USD demand, although the upside is limited by UK political unpredictability. To support the possibility of further gains, a move past the 1.1400 handle is required.

During the early North American session, the GBP/USD pair recovers a few pip from the daily low and moves back over the 1.1300 level. The advent of some US dollar selling is supporting the minor rebound, but in light of the unpredictability surrounding UK politics, it lacks bullish confidence.

In fact, in the aftermath of the recent tax reduction catastrophe, rebels within the governing Tory Party are banding together to unseat newly-elected UK Prime Minister Liz Truss. In addition, news that the Bank of England may postpone quantitative tightening even longer in order to calm the bond market acts as a drag on sterling and caps the GBP/USD pair.

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