The GBP/USD pair edged lower through the European session
and was last seen trading near the lower end of its daily trading range, around the 1.2260-65 region.
The pair failed to capitalize on the overnight bounce of around 50 pips from monthly lows and Tuesday's early uptick to levels beyond the 1.2300 mark, instead turned lower for the fifth straight session. The British pound remained depressed amid doubts over Britain’s ability to pay for a massive boost to public spending. The worries surfaced after the UK Prime Minister Boris Johnson promised to double public investments.