The GBP/USD pair is down nearly 0.20% for the day, currently trading around the 1.2415-1.2420 area, but has pared some of its intraday losses. The disappointing UK Retail Sales data and mixed UK PMIs have undermined the GBP and exerted pressure on the pair. Meanwhile, the USD initially drew support from growing acceptance that the Federal Reserve (Fed) will continue raising interest rates, but the ongoing downfall in the US Treasury bond yields, along with a modest recovery in the global risk sentiment, act as a headwind for the safe-haven Greenback. Market participants are now looking forward to the release of the flash US PMI prints to gauge the USD price dynamics and short-term opportunities around the GBP/USD pair.
