British Pound Vulnerable As Risk Appetite Wanes on European Banking Concerns

The GBP/USD recovered a majority of its earlier losses after a better than expected U.S. initial jobless claims report added to prevailing optimism. Double dip recession concerns for the world’s largest economy have started to fade, helping curb bearish sterling sentiment, as risks trends continue to be the primary driver of price action for the pair with its correlation strengthening from 38% to 49%.

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