GBP/USD struggled to preserve its intraday gains to two-day tops, around the 1.3670 region. A modest intraday USD bounce was seen as a key factor exerting some pressure on the major. Disappointing US ADP report capped the attempted USD recovery ahead of the FOMC minutes. The GBP/USD pair retreated around 70 pips from daily swing highs and dropped to the 1.3600 neighbourhood in the last hour, albeit quickly recovered few pips thereafter. The pair was last seen trading around the 1.3625-30 region, nearly unchanged for the day. The British pound witnessed some selling after the UK Prime Minister Boris Johnson said this Wednesday that the end of the lockdown will not be a big bang and that it will be a slow unravelling. It is worth recalling a third nationwide lockdown in the UK is already in place at least until February 15. The comments added to growing market concerns about the potential economic fallout from stricter restrictions and might have also boosted prospects for additional monetary easing by the BoE. Hence, market participants will keep a close eye on the BoE Governor Andrew Bailey’s speech later today. On the other hand, the US dollar staged a modest recovery from two-and-half-year lows, albeit lacked any strong follow-through. Expectations of a Democratic victory in the crucial US Senate runoff elections in the stage of Gerogis have raised prospects for additional US fiscal stimulus. This, along with speculations that the Fed will keep interest rates lower for a longer period, might hold the USD bulls from placing aggressive bets. On the US economic data front, the disappointing release of the ADP report also did little to provide any meaningful impetus to the greenback. This, in turn, helped limit any further decline for the GBP/USD pair as market participants now look forward to the release of the latest FOMC meeting minutes. Investors will closely scrutinize the minutes for clues about the Fed’s policy outlook, which will influence the near-term USD dynamics. Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold Price Analysis: XAU/USD corrects further from 2-month tops, dives to $1925 area FX Street 2 years GBP/USD struggled to preserve its intraday gains to two-day tops, around the 1.3670 region. A modest intraday USD bounce was seen as a key factor exerting some pressure on the major. Disappointing US ADP report capped the attempted USD recovery ahead of the FOMC minutes. The GBP/USD pair retreated around 70 pips from daily swing highs and dropped to the 1.3600 neighbourhood in the last hour, albeit quickly recovered few pips thereafter. The pair was last seen trading around the 1.3625-30 region, nearly unchanged for the day. The British pound witnessed some selling after the UK Prime Minister Boris Johnson… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.