The Pound Sterling remains bid for the third consecutive day, edges up 0.34% as the GBP/USD trades at 1.2519 above the 50-day Simple Moving Average (SMA) at 1.2501.
GBP/USD rises maintaining position above the 50-day SMA as market digests US tariff negotiations. US labor market shows strength with ADP employment figures surpassing expectations, spotlight on Nonfarm Payrolls. UK economic indicators show slight downturn, with market eyes on BoE's anticipated rate cut. The Pound Sterling remains bid for the third consecutive day, edges up 0.34% as the GBP/USD trades at 1.2519above the 50-day Simple Moving Average at 1.2501.
Traders await the Bank of England’s monetary policy decision on Thursday, poised to reduce rates by 25 basis points from 4.75% to 4.50%, according to Prime Market Terminal data. Source: Prime Market Terminal GBP/USD Price Forecast: Technical outlook The GBP/USD cleared the January 27 peak of 1.2523, a strong resistance level, and reached a new four-week peak at 1.2549. Although bullish, a daily close above the former would open the door to challenge the year-to-date high of 1.2575 and the 1.
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