The Pound Sterling (GBP) continued to weaken against the US Dollar (USD) for the fourth week in a row, dragging the GBP/USD pair to a six-week low just above 1.2600.
The Pound Sterling hit six-week lows near 1.2600 against the US Dollar. GBP/USD’s fate hinges on the UK election results and US Nonfarm Payrolls data. Any Pound Sterling recovery is set to be limited so long as the daily RSI stays below 50. The Pound Sterling continued to weaken against the US Dollar for the fourth week in a row, dragging the GBP/USD pair to a six-week low just above 1.2600.
But, Rishi Sunak emerged as the most unpopular Prime Minister with Ipsos ever at this stage of the campaign. The outcome of the UK election is likely to have a significant impact on the Bank of England’s policy actions and the Pound Sterling’s medium-term outlook. It’s a US market holiday on Thursday, and therefore, thin trading could exaggerate the UK election-led moves in the pair.
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