GBP/USD Price Analysis: Shows some resilience below 1.2200, 50 DMA holds the key for bulls GBPUSD RiskAversion Fed Technical Analysis Currencies
ighest level since February. Spot prices, however, manage to rebound a few pips from the daily low and trade above the 1.2200 mark during the early North American session, still down nearly 0.60% for the day.
That said, the Federal Reserve's hints of a pause to interest rate hikes, along with the anti-risk flow, lead to a further steep decline in the US Treasury bond yields. Furthermore, the disappointing US Durable Goods Orders act as a headwind for the USD and lend some support to the GBP/USD pair. Spot prices, meanwhile, showed some resilience below the 1.2200 resistance-turned-support.
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