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GBP/USD steady holds on to gains around 1.2340

  • Pound rebounds from one-week lows versus US dollar. 
  • UK Prime Minister Boris Johnson remains in intensive care.

The GBP/USD pair rebounded on Tuesday after falling to 1.2163 during the Asian session. It moved most of the day with a bullish bias and climbed toward 1.2400. It peaked at 1.2382 and then it stabilized around 1.2340. Cable was rejected from under 1.2200 and rose back to the recent familiar range. 

The pound fell after UK Prime Minister Boris Johnson was moved to intensive care late on Monday. The pair then rebounded and it accelerated to the upside boosted by a decline of the greenback across the board. UK Foreign Secretary Dominic Raab said on Tuesday, PM Johnson remains in intensive care, “receiving standard oxygen treatment and breathing without any assistance.”

It was all about USD 

The US dollar was the worst performer on Tuesday amid an improvement in market sentiment. The DXY lost 0.85% and dropped below 100.00. Not even higher US yield helped the dollar. 

The GBP/USD remained steady, consolidating around 1.2340 near the end of the American session, in positive territory for the day and back inside the recent range. It held around the mentioned level even as equity prices in Wall Street moved off highs. The Dow Jones was gaining just 0.60% after been up more than 3.50%. 

 

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