The GBP/USD pair consolidates its gains near 1.2560 on Tuesday during the early Asian session.
GBP/USD trades sideways around 1.2560 in Tuesday’s early Asian session. Many Fed officials emphasized the need to hold interest rates at current levels until inflation returns to the target. Markets have priced in a 25 bps reduction in August and 50 bps in cuts overall in 2024. The weaker US Dollar amidst the generalized better tone in the appetite for risk-related assetsprovides some support tothemajorpair.
The cautious approach from Fed officials will likely lift the Greenback in the near term and cap theupside of the pair. On the other hand, there is growing speculation that the Bank of England will begin to cut the interest rate in the summer, with traders pricing in a 25 basis point reduction in August and 50 basis points in cuts overall in 2024.The BoE governorAndrewBaileysaidduring the press conferencethat he would monitor the forthcoming data releases before deciding on rate cuts.
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