The Pound Sterling (GBP) is strengthening against most major currencies, excluding the Euro (EUR), ahead of the Bank of England's (BoE) interest rate decision. The BoE is widely expected to maintain borrowing rates at 4.75%, despite recent increases in UK inflation. While the Federal Reserve (Fed) cut interest rates, the BoE is likely to hold steady due to ongoing inflationary pressures.
The Pound Sterling advances against mostof its peers as the BoE is expected to keep borrowing rates steady at 4.75%. UK inflation has accelerated in the past two months, supporting the BoE's decision to keep interest rates steady. The Fed cut interest rates by 25 basis points to 4.25%-4.50% but delivered hawkish guidance for 2025.
Technical Analysis: Pound Sterling recovers from 1.2550 The Pound Sterling recovers sharply after refreshing a three-week low near 1.2555 against the US Dollar on Thursday. The GBP/USD pair rebounds as the upward-sloping trendline, which is plotted from October 2023 low around 1.2035, remains a key support zone below 1.2600. The 14-day Relative Strength Index hovers near 40.00. A breakdown below the same could trigger a downside momentum.
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