{"id":103307,"date":"2023-06-02T09:54:49","date_gmt":"2023-06-02T09:54:49","guid":{"rendered":"https:\/\/dripp.zone\/news\/index.php\/2023\/06\/02\/gbp-usd-consolidates-its-recent-gains-to-nearly-three-week-peak-us-nfp-report-awaited-crypto-news\/"},"modified":"2023-06-02T09:54:50","modified_gmt":"2023-06-02T09:54:50","slug":"gbp-usd-consolidates-its-recent-gains-to-nearly-three-week-peak-us-nfp-report-awaited-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/gbp-usd-consolidates-its-recent-gains-to-nearly-three-week-peak-us-nfp-report-awaited-crypto-news\/","title":{"rendered":"GBP\/USD consolidates its recent gains to nearly three-week peak, US NFP report awaited\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<p>\n                        <span class=\"fxs_socialmedia_bar_share_label\">Share:<\/span><\/p>\n<ul>\n<li><strong>GBP\/USD touches a nearly three-week high and draws support from sustained USD selling.<\/strong><\/li>\n<li><strong>Diminishing odds for another Fed rate hike in June and a positive risk tone weigh on the buck.<\/strong><\/li>\n<li><strong>Speculations for further tightening by the BoE remain support ahead of the US NFP report.<\/strong><\/li>\n<\/ul>\n<p>The GBP\/USD pair enters a bullish consolidation phase near a two-and-a-half-week high touched on Friday and oscillates in a narrow band, around the 1.2530-1.2535 region through the first half of the European session.<\/p>\n<p>The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/currencies\/us-dollar-index\">US Dollar<\/a> (USD) extends the overnight sharp retracement slide from the vicinity of its highest level since mid-March set on Wednesday and remains depressed for the second successive day, which, in turn, acts as a tailwind for the GBP\/USD pair.  A slew of influential Federal Reserve (Fed) officials <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/economic-calendar\/united-states\">this week<\/a> backed the case for skipping an interest rate hike and forced investors to scale back their expectations for another 25 bps lift-off in June.  This, along with a positive risk tone, weighs on the safe-haven buck.<\/p>\n<p>A slightly better-than-expected private survey on Thursday showed that China&#8217;s manufacturing sector unexpectedly registered modest growth in May, raising hopes for hopes of a recovery in the world&#8217;s second-largest economy.  Adding to this, the passage of bipartisan legislation to lift the government&#8217;s $31.4 trillion debt ceiling and avert an unprecedented American default boosts investors&#8217; confidence.  This, along with expectations that the Bank of England (BoE) could raise rates further, lends support to the GBP\/USD pair.<\/p>\n<p>Bullish traders, however, seem reluctant to place aggressive bets and prefer to wait for fresh cues from Friday&#8217;s release of the closely-watched US monthly employment details.  The popularly known <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/news\/us-nonfarm-payrolls-report-analyzing-may-nfp-release-202306020600\">NFP<\/a> The report is due for release later during the early North American session and will influence market expectations about the Fed&#8217;s next policy move.  This, in turn, will drive the USD demand and provide a fresh impetus to the GBP\/USD pair.  Nevertheless, spot prices remain on track to snap a three-week losing streak.<\/p>\n<h2 class=\"fxs_headline_medium\">Technical levels to watch<\/h2>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Share: GBP\/USD touches a nearly three-week high and draws support from sustained USD selling. Diminishing odds for another Fed rate hike in June and a positive risk tone weigh on the buck. Speculations for further tightening by the BoE remain support ahead of the US NFP report. The GBP\/USD pair enters a bullish consolidation phase [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,276,366,641,255,250,1380,252,247,253,4820,249,256,254],"class_list":["post-103307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-currencies","tag-fed","tag-gbpusd","tag-gta","tag-looks-rare","tag-nfp","tag-oracle","tag-polygon","tag-quickswap","tag-risk-appetite","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/103307","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=103307"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/103307\/revisions"}],"predecessor-version":[{"id":103308,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/103307\/revisions\/103308"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/7348"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=103307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=103307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=103307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}