Mon, May 29, 2023 @ 22:23 GMT

GBP/USD Seeks Support

The pound slips as Britain’s pension funds scramble to meet margin calls amid bond firesale. Breaks below 1.1300 and 1.1100 prompted short-term buyers to take profit. As overall sentiment remains downbeat, the lack of support suggests that the bulls might be wary of catching a falling knife. 1.0770 is the next level to see if new buyers would emerge, or Sterling could drift to the base of the recent rebound at 1.0550. 1.1180 is the first hurdle and the bulls will need to clear 1.1380 before a recovery could gain traction.

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