The Pound Sterling (GBP) performs strongly against its major peers at the start of the week, supported by the improved appeal for risk-perceived currencies and a weakening US Dollar, which is pressured by growing prospects that the Federal Reserve (Fed) will opt for a large interest-rate cut on Wednesday.
The Pound Sterling surges to near 1.3160 against the US Dollar amid upbeat market sentiment. Investors expect the BoE to leave interest rates unchanged at 5% on Thursday. Traders remain divided over the size of the Fed ’s likely interest-rate cut.
The GBP/USD pair extends its recovery after a corrective move to near the trendline plotted from the December 28, 2023, high of 1.2828, from where it delivered a sharp increase after a breakout on August 21. Also, the 20-day Exponential Moving Average near 1.3080 has acted as major support for the Pound Sterling. The 14-day Relative Strength Index reaches 60.00. A fresh round of bullish momentum could occur if the oscillator breaks above this level.
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