GBP/USD goes down steeply to 1.2870

GBP/USD goes down steeply to 1.2870

On Monday, the GBP/USD pair didn’t manage to sustain the revival above 1.29 handle, and took a steep U-turn over the previous hour, as the bears were about to test the 1.2850 support.

The currency pair GBP/USD slumped below daily pivot, showing 1.2887

The latest series of dismal British fundamentals also keeps market sentiment around the British pound undermined because traders fear that the negative macro news could keep the Bank of England away from maintaining its latest hawkish stance.

Further, renewed weakness in crude prices along with fresh USD buying across the board, contributes to the latest leg lower in the spot. The greenback is still broadly underpinned because the bulls keep riding higher on positive American payrolls data published last Friday.

Traders are currently focused on the American labor market conditions index for new trading impetus because the British docket is still data-dry today.

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