GBP/USD continues to fall deeply
During the Asian session on Thursday, the GBP/USD pair experienced a slight increase and moved away from its lowest point since March 17, which was around the 1.2110 area it reached the day before. However, the price of the pair is still below the mid-1.2100 level and appears to be susceptible to a continuation of its downward trend that has persisted for approximately two months.
Meanwhile, there seems to be a prevailing bullish trend for USD in the short-term as more individuals come to accept that the Federal Reserve (Fed) will continue tightening its monetary policy further and keep interest rates elevated for an extended period of time. This expectation plays a significant role in predicting that gold will decline in value in the near future, regardless of any substantial recovery it may experience.
Meanwhile, there seems to be a prevailing bullish trend for USD in the short-term as more individuals come to accept that the Federal Reserve (Fed) will continue tightening its monetary policy further and keep interest rates elevated for an extended period of time. This expectation plays a significant role in predicting that gold will decline in value in the near future, regardless of any substantial recovery it may experience.
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The US Dollar Index (DXY) is inches away from an 11-month high around 107.00. The asset is expected to continue its four-day bullish streak as investors shift their focus to the Fed's preferred inflation gauge.
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