GBPUSD retreats on sour sentiment, doubts over Brexit

GBP/USD remains pressured towards 1.1500 during early Thursday morning in Europe, reversing the previous day‘s rebound, as global markets remain dicey ahead of the US data. The market’s risk profile turned weak as indecision among the Fed policymakers, especially after the last weeks strong US data, joined escalating coronavirus fears from China.

As a result, the US Dollar defends the previous weekly gain amid a rush for risk safety. The same weighed on the commodities and Antipodeans. Among them, crude oil prices dropped the most as demand woes escalate and supply fears eased, mainly due to Chinas covid conditions and easing fears from Russia.

The British government is breaching the withdrawal agreement with the European Union by requiring EU citizens to reapply for the right to live and work in the United Kingdom, an independent body set up to oversee citizens rights told a London court on Tuesday, reported Reuters.

AUDUSD justifies its risk barometer status while GBPUSD has an additional negative, namely Brexit, to trim some of its latest gains.

Cryptocurrencies continued portraying the market‘s fears as FTX-inspired shock isn’t forgone and suggests more hardships for the BTCUSD and ETHUSD.