Despite broader USD strength, $GBPUSD seems to be holding its own, currently at 1.32431. Is this just short covering, or are there underlying factors supporting the Sterling that are being overlooked? I'm not seeing any major UK data points today that would explain this resilience.
Interesting observation. Maybe it's a lack of fresh negative catalysts for GBP outweighing the positive ones for USD for a change? Or just some profit-taking on USD longs.
I'm seeing similar resilience, but wouldn't rule out the short covering angle completely. There's a lot of noise out there right now.
Could be some positioning ahead of upcoming data. Not sure I'd call it 'holding up well' just yet, but it's certainly not collapsing given the USD rally elsewhere.