The Pound Sterling (GBP) falls to near 1.2600 in Wednesday’s early American session.
The Pound Sterling drops asinvestors expect the BoE to cut rates sooner than expected. BoE Bailey said market expectations for two or three rate cuts this year are not unreasonable. The main event for this week will be the US core PCE price index data for February. The Pound Sterling falls tonear1.2600 in Wednesday’s early Americansession. The broader appeal remains weak as investors expectthe Bank of England will start reducing interest rates sooner than previously anticipated.
Any significant change from preliminary estimates will influence the Pound Sterling. The preliminary estimates showed that the UK economy entered a technical recession in the second half of 2023 after contracting by 0.3% in the October-December quarter. Technical Analysis: Pound Sterling faces pressure tosustain above1.2600 The Pound Sterling discovers some buying interestnear the round-level support of 1.2600.
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