The Pound Sterling (GBP) consolidates against its major peers on Thursday, but the British currency remains firm against its major counterparts due to expectations that the Bank of England (BoE) will follow a more gradual policy-easing cycle compared with other central banks in Europe and North America.
The Pound Sterling trades sideways but remains firm on the assumption that the BoE will keep interest rates steady on December 19. Traders expect the BoE to cut interest rates at a slower pace when compared to other central banks in Europe and North America.. Markets fully price in that the Fed will cut interest rates by 25 bps on Wednesday.
Investors will pay close attention to the US Producer Price Index data for November and the Initial Jobless Claims data for the week ending December 6, which will be published at 13:30 GMT. Technical Analysis: Pound Sterling stalls around 1.2750 The Pound Sterling consolidates in a tight range around 1.2750 against the US Dollar for almost a week. The GBP/USD pair holds slightly above the 20-day Exponential Moving Average around 1.2720. The 14-day Relative Strength Index oscillates in the 40.
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