The Pound Sterling (GBP) performs strongly against its major peers in Monday’s London session.
The Pound Sterling moves higher against the US Dollar as the Fed is expected to begin reducing interest rates in September. UK annual headline inflation has returned to the desired rate of 2%. Investors await the US ISM Manufacturing PMI for fresh guidance on interest rates. The Pound Sterling performs strongly against its major peers in Monday’s London session. The British currency strengthens as investors remain uncertain about when the Bank of England will start reducing interest rates.
0 from the prior release of 48.7. Technical Analysis: Pound Sterling hovers near 50-day EMA The Pound Sterling rises to 1.2680 against the US Dollar after extending its recovery from an almost seven-week low of 1.2610. The GBP/USD pair moves higher but struggles to hold above 61.8% Fibonacci retracement support at 1.2667, plotted from the March 8 high of 1.2900 to the April 22 low at 1.2300. The Cable hovers near the 50-day Exponential Moving Average near 1.
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