Pound Sterling Price News and Forecast: GBP/USD pulls back from one-week high
GBP/USD retreats towards 1.1250 as UK’s political optimism fades, economic woes unearth
GBP/USD dribbles around 1.1280 as fears surrounding the UK’s economic conditions probe the pair buyers after a two-week uptrend. That said, the Cable pair retreats from a one-week top during Tuesday’s Asian session. The quote managed to extend the previous gains on Monday amid hopes of sound economic policies from ex-Chancellor Rishi Sunak as he will be the next British Prime Minister after Liz Truss’ shortest serving time.
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Sterling gains as Sunak looks to lead conservative party
Since trading opened in foreign exchange markets last night, we’ve seen a warm response amongst investors to news that Boris Johnson has pulled out of the running to return as UK Prime Minister. Certainly there was some trepidation in the markets that Boris could return as fiscally he is not seen as highly competent but perhaps more troubling would have been the fact any new premiership under Johnson would be surrounded by political potholes