GBP/USD ticks higher to 1.3025 area on softer USD, BoE rate-cut bets cap gains

📆 10/17/2024 11:22 PM

GBPUSD News

Inflation, BOE, Fed

📆 10/17/2024 11:22 PM
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The GBP/USD pair attracts some follow-through buying during the Asian session on Friday and looks to build on the overnight bounce from the 1.2975-1.2970 region, or a two-month low.

GBP/USD recovers further from a two-month low, albeit the upside potential seems limited. The USD bulls opt to take some profits off the table, which, in turn, lends support to the pair. An unexpected fall in the UK inflation reaffirms bets for more BoE rate cuts and caps the GBP. Spot prices currently trade around the 1.3020-1.3025 area, up 0.10% for the day amid a modest US Dollar downtick, though any meaningful appreciating move still seems elusive.

It is the fourth most traded unit for foreign exchange in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders , and EUR/GBP . The Pound Sterling is issued by the Bank of England .

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