Forex Analysis by Investing.com (Damian Nowiszewski) covering: GBP/USD. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com
Recent macro data fueled a strengthening of the US dollar against the British pound.Amidst disappointing UK labor market data and growing rate cut expectations in the UK, the GBP/USD pair may keep declining.
Speculation is rising: will the Bank of England cut interest rates before the Fed? Doubts about any US rate cuts have boosted the US dollar.Taking a closer look, let's focus on services excluding energy supplies, which saw a 5.4% year-on-year increase in March. Until pressures ease up in this sector, it's unlikely we'll see a sustained return of inflation to the target level.in September, standing at less than 46%.
This suggests that those betting on the pound against the dollar might lose out, leading to further drops in the GBPUSD pair.After breaking a crucial support level around the 1.25 mark, the GBP/USD pair has paved the way for the downward trend to continue.
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