The Pound Sterling is slightly under pressure on firm BoE rate cut expectations. Diminished speculation for the Fed pivoting to rate cuts in June provides support to the US Dollar. This week, the US Inflation data will significantly impact Fed rate cut expectations.
The Pound Sterling falls slightly but broadly consolidates in a tight range above 1.2600 in Monday’s European session. The GBP/USD pair trades sideways as investors await the United States Consumer Price Index data for March, which will be published on Wednesday. The inflation data will provide more clarity over whether the Fed eral Reserve will begin to reduce interest rates from June. The US Dollar Index , which tracks the Greenback’s value against six major currencies, is slightly up near 104.
8% from the consensus and the prior reading of 3.9%. Technical Analysis: Pound Sterling remains supported near 1.2600 The Pound Sterling trades inside a Falling Channel formation on a daily timeframe in which each pullback move is considered as a selling opportunity by the market participants. The 200-day Exponential Moving Average near 1.2570 provides support to the Pound Sterling bulls. On the downside, the psychological level of 1.
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