GBP/USD reaches multi-week high, seeks 1.1600 amid US supply

 

GBP/USD rises to a brand-new six-week high, helped by several reasons. Sterling continues to be supported by Rishi Sunak’s selection as the next British Prime Minister.

The likelihood of additional aggressive Fed rate increases is declining, which is harmful to the dollar. In the past hour, the GBP/USD pair has seen new bids during the early European session, rising to its highest since September 14 in the 1.1575-1.1580 range.

The selection of Rishi Sunak as the next British prime minister was well-received by investors. This is seen by a continued drop in UK gilt yields, which support the British pound. In addition, the pervasive US dollar selling bias gives the GBP/USD pair an extra boost and keeps the trend going.

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