Wed. Jun 7th, 2023

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GBP/USD escalates to 1.3800

1 min read

The intraday USD selling bias picked up pace during the first European session and pushed the GBP/USD pair to daily tops, round the 1.3790 region within the last hour.

A combination of things assisted the pair to regain some positive traction on Wednesday and built on the previous day’s modest bounce from the 1.3700 neighborhood. The British pound found some support following the release of better-than-expected UK macro data.
The UK Office for National Statistics reported that the economy expanded by 1.3% within the fourth quarter of 2020. This was slightly above the 1.0% growth estimated previously and helped offset the widening UK accounting deficit, which just about doubled to £26.3 billion.

On the opposite hand, the US dollar witnessed some profit-taking from four-month tops. This was seen as another factor that provided a further lift to the GBP/USD pair. That said, the upbeat US economic outlook should limit the USD pullback and cap gains for the main .

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