GBPUSD GBP/USD edged lower in the Asian session on Monday but managed to recover to the 1.2700 in the European morning. Investors could refrain from taking large positions ahead of the UK labor market and inflation data due for release on Tuesday and wednesday respectively.
The negative sift witnessed in risk sentiment on concerning developments in China's property sector allowed the US Dollar (USD) to find demand as a safe haven. The USD Index climbed to its highest level in over a month near 103.00 at the beginning of the week and GBP/USD turned south.
Nevertheless, US stock index futures turned positive on the day in the early European session and made it difficult for the USD to preserve its strength.
In case Wall Street's main indexs open in the green and continue to push higher, the USD could stay on the back foot in the second half of the day. The pair's recovery, ecnomic docket will not feature any high-tier data releases on Monday.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.