The GBP/USD pair remains on the defensive around 1.2545 during the early Asian session on Tuesday.
GBP/USD struggles to gain ground near 1.2545 on the stronger US Dollar. The US ISM manufacturing data unexpectedly expanded for the first time in nearly 18 months. The dovish stance of the Bank of England drags the GBP lower against the USD. The US Dollar Index rises above the 105.00 mark, and the US Treasury bond yields edges higher sharply overnight following the upbeat US ISM data, which creates a headwind for the GBP/USD pair.
The BoE Governor Andrew Bailey said that market expectations for two or three rate cuts this year are “reasonable,” while adding that the UK central bank is not seeing a lot of sticky persistence. These comments trigger expectations for the BoE to cut interest rates in June and drag the GBP lower against the Greenback. Later on Tuesday, the UK Nationwide Housing Prices and S&P Global/CIPS Manufacturing PMI for March are due.
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