The GBP/USD pair attempted to crawl back during the American session as the US dollar continued strengthening.
The GBP/USD pair has been in a strong bearish downward trend in the past few days as investors worry about the health of theRecent data show that the UK Economy is struggling as inflation ries. For example, recent data showed that the economy barely grew in the first quarter of the year. Inflation has also soared to the highest level in years while real earnings have moved to the negative level.
The GBP/USD pair has also declined because of the rising US dollar. The dollar index has risen to the highest level since 2002 as investors continue reflecting on the hawkish Federal Reserve. The bank announced that it will continue hiking interest rates in the coming months.
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