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8 Oct 2020

GBP/USD flirts with session lows, around 1.2900 mark ahead of US data

  • GBP/USD failed to capitalize on its intraday positive move to the 1.2970 region.
  • Dovish sounding comments by the BoE Governor Bailey took its toll on the pound.
  • The risk-on mood undermined the safe-haven USD and helped limit deeper losses.

The GBP/USD pair refreshed daily lows during the mid-European session, with bears now looking to extend the intraday slide further below the 1.2900 mark.

The British pound started losing ground after the Bank of England (BoE) Governor, Andrew Bailey said that the central bank will use policy actively and aggressively. Bailey further added that the BoE remains ready to take more action if needed, reviving talks to purse negative interest rates.

This comes on the back of persistent Brexit-related uncertainties, which took its toll on the sterling. The GBP/USD pair quickly retreated around 80 pips from the daily swing highs, around the 1.2970 region, albeit a softer tone surrounding the US dollar helped limit any deeper losses.

The prevalent risk-on mood, supported by renewed optimism over the US fiscal stimulus measures, undermined the greenback's relative safe-haven status. Hopes for additional stimulus revived after the US President Donald Trump signalled a willingness to negotiate piecemeal bills to support the economy.

The greenback was further pressured by a fresh leg down in the US Treasury bond yields. Market participants now look forward to the release of the US Initial Weekly Jobless Claims. The data, along with the broader market risk sentiment will influence the USD price dynamics and provide some impetus.

Technical levels to watch

 

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