The Pound Sterling (GBP) comes under pressure in Friday’s early London session as a sharp recovery move from four-day low near 1.2680 appears to be stalled.
The Pound Sterling is down slightly against the US Dollar ahead of the US core PCE inflation data. The underlying US inflation data is expected to have grown steadily. UK business optimism improves due to cooling inflationary pressures and expectations for BoE rate cuts. The Pound Sterling comes under pressure in Friday’s early London session as a sharp recovery move from four-day low near 1.2680 appears to be stalled.
The outlook of UK economy will change drastically if the Labour Party comes into power but their fiscal plans are expected to remain conservative to avoid any upside risk to price pressures. Technical Analysis: Pound Sterling holds 1.2700 The Pound Sterling exhibits a subdued performance against the US Dollar ahead of the US core PCE Price Index data for April. The near-term outlook of the GBP/USD pair remains upbeat as it holds the 61.8% Fibonacci retracement support at 1.2670.
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