Throughout the week, the British Pound (GBP) traded in a choppy fashion and struggled to extend gains seen in the previous couple of weeks against the US Dollar (USD), prompting GBP/USD to recoup ground lost in the first half of the week and flirt with the key 200-day SMA around 1.2540 on Friday.
The Pound Sterling extends its weekly recovery beyond 1.2500. GBP/USD faces interim resistance around 1.2600. The BoE left the door open to an interest rate cut over the summer. Throughout the week, the British Pound traded in a choppy fashion and struggled to extend gains seen in the previous couple of weeks against the US Dollar , prompting GBP/USD to recoup ground lost in the first half of the week and flirt with the key 200-day SMA around 1.2540 on Friday.
In the wake of the gathering, the BoE's Chief Economist, Huw Pill, noted that MPC members were growing more assured regarding the likelihood of imminent interest rate reductions, although they deemed further evidence necessary to substantiate their decision. So far, market participants now seem to have started to price in the start of the BoE’s easing cycle in August, although a move in June should not be ruled out just yet.
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