<p style=““ class=“text-align-justify“>Against the dollar, the pound briefly erased its gains for the day in a fall to 1.2013, before keeping around 1.2040 levels now – still up 0.2% on the day. But against the rest of the major currencies bloc, the pound is now the other laggard after Bailey’s remarks <a target=“_blank“ href=“https://www.forexlive.com/centralbank/boes-bailey-further-rate-hikes-may-be-appropriate-but-nothing-is-decided-20230301/“ target=“_blank“ rel=“follow“>here</a>. The bounce in GBP/USD was also perhaps more technical, with buyers holding at the key hourly moving averages:</p><p style=““ class=“text-align-justify“>Meanwhile, EUR/GBP is seen up 0.7% now to 0.8855 while GBP/JPY is falling back under its key daily moving averages, down 0.2% to 163.29 at the moment. For some context, the latter traded to as high as 164.50 earlier in the session.</p>

This article was written by Justin Low at www.forexlive.com.