The Pound Sterling (GBP) falls back after facing selling pressure near 1.2740 in Tuesday’s London session.
The Pound Sterling declines from 1.2740 against the US Dollar due to weak UK employment data and a firm US Dollar. The BoE could struggle to shift toward policy normalization as steady UK wage growth offset the impact of weaker employment levels. Investors see the Fed arguing to maintain a restrictive framework for longer. The Pound Sterling falls back after facing selling pressure near 1.2740 in Tuesday’s London session.
Currently, market speculation for Fed rate cuts for the entire year suggests that there will be only one rate cut this year, either in the November or December meeting. Meanwhile, investors’ expectations for the Fed reducing interest rates in the September meeting havediminished significantly. Technical Analysis: Pound Sterling holds above 1.2700 The Pound Sterling finds an interim cushion near the round-level support of 1.2700 against the US Dollar.
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