The GBP/USD pair is currently experiencing a correction from its one-year peak as the US Dollar shows some strength during the Asian trading session on Monday. The pair has retreated from the 1.3000 level, which was its highest since July 2023, and is now hovering around 1.2965, marking a slight decrease of over 0.15% for the day. Despite the modest USD strength, the downside for the GBP/USD pair appears to be limited at the moment.
Looking ahead, the Pound Sterling is awaiting high-impact data from the UK, which could potentially drive further upside for the currency against the US Dollar. The GBP/USD pair has been on an upward trend for the past two weeks, reaching new highs in 2024.
Overall, the GBP/USD pair is currently facing a correction from its recent peak due to modest USD strength, but any significant downward movement seems unlikely at this point. The Pound Sterling could potentially see further gains against the US Dollar depending on the upcoming UK data releases.