GBP/USD continues to maintain its decline from 1.2500
GBP/USD traded slightly lower on the day below 1.2450 during the early European session on Tuesday. Data from the UK showed that the ILO Unemployment Rate in February rose from 4% to 4.2%, putting pressure on the British Pound.
Later in the day, Fed Chairman Jerome Powell will speak on the economic outlook and monetary policy. Investors will also closely monitor geopolitical news. Israel is said to be discussing a response to Iran. At press time, the UK's FTSE 100 index was down 1.5% on the day and US stock index futures were trading modestly lower.
In case safe-haven flows dominate financial markets in the second half of the day, the USD could maintain its strength and limit the upside potential of GBP/USD. On the other hand, easing geopolitical tensions could open the door for a prolonged recovery.
Later in the day, Fed Chairman Jerome Powell will speak on the economic outlook and monetary policy. Investors will also closely monitor geopolitical news. Israel is said to be discussing a response to Iran. At press time, the UK's FTSE 100 index was down 1.5% on the day and US stock index futures were trading modestly lower.
In case safe-haven flows dominate financial markets in the second half of the day, the USD could maintain its strength and limit the upside potential of GBP/USD. On the other hand, easing geopolitical tensions could open the door for a prolonged recovery.
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