The GBP/USD pair struggles to capitalize on Friday's modest bounce from the vicinity of mid-1.2600s or a nearly one-month low and oscillates in a narrow band on the first trading day of a new week.
GBP/USD is seen consolidating its recent losses to over a one-month low touched on Friday. The Fed ’s hawkish outlook continues to underpin the USD and exerts pressure on the major. The divergent Fed -BoE policy expectations could lend some support and limit deeper losses. The GBP/USD pair struggles to capitalize on Friday's modest bounce from the vicinity of mid-1.2600s or a nearly one-month low and oscillates in a narrow band on the first trading day of a new week.
Adding to this, an unexpected fall in the US import prices further boosted the domestic inflation outlook, which, along with a sharp deterioration in the US consumer sentiment in June, keeps hopes alive for the first Fed rate cut move in September and the second cut in December. This might cap gains for the USD and help limit losses for the GBP/USD pair.
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