The British pound is at the mercy of the overpowering US dollar as the GBP/USD slips for yet another day.
The GBP/USD pair moved lower on Thursday as currency enthusiasts found little reason to hold the pound. King Dollar was all they wanted as the exchange rate slipped 0.4% in early European trading. The pair is looking to close its third straight day in the red as the greenback has launched a broad-based offensive.
Since the GBP/USD peaked at $1.2670 on May 10, the pair has lost more than 200 pips, or nearly 1.7%, of its valuation. As the dollar exerts its power, some traders are less convinced it’s now the time to short it despite a seemingly overarching short-selling rhetoric.
In other corners of the forex markets, currency speculators are largely flocking to the perceived safety of the US dollar. Similarly to the pound, the euro lost a bit of its luster earlier today. The EUR/USD dropped about 0.2% to $1.0820. The USD/JPY is pressing higher to a potential triple top at ¥137.90.
