The GBP/USD pair remains on the defensive near 1.2530 during the early European trading hours on Friday.
GBP/USD trades on a softer note around 1.2530 following UK GDP numbers on Friday. UK monthly Gross Domestic Product grew 0.1% MoM in February vs. the 0.1% expected. The lower speculation of Fed rate cuts this year lifts the Greenback and weighs on the pair. The major pair remains vulnerable despite the stronger-than-expected UK monthly GDP numbers and improved Industrial Production data.
The upbeat UK economic data failed to boost the Pound Sterling as the markets anticipate the Bank of England will cut its interest rate sooner than the US Federal Reserve . On the other hand, the recent hotter-than-expected CPI inflation reading and stronger Nonfarm Payrolls trigger speculation that the Fed will have to push back the number and timing of interest rate cuts this year. This, in turn, provides some support to the Greenback and creates a headwind for the GBP/USD pair.
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