The Pound Sterling (GBP) trades in a narrow range near a six-week low around 1.2540 in Tuesday’s London session.
The Pound Sterling consolidates, although easing UK inflation keeps its broader appeal weak. UK’s shop price inflation grew 1.3% in March, the slowest pace since December 2021. Easing Fed rate cut bets for June have dented market sentiment. The Pound Sterling trades in a narrow range near a six-week low around 1.2540 in Tuesday’s London session. The broader appeal of the GBP/USD pair is poor, mainly due to weak market sentiment.
The prospects for a Fed rate cut that month eased after the United States Institute of Supply Management reported stronger-than-expected Manufacturing PMI data for March. The Manufacturing PMI landed above the 50.0 threshold for the first time after 16 straight months of contraction. The US factory sector seems to be recovering from the high interest rate environment, which has weighed on activity for the last year and a half. Technical Analysis: Pound Sterling declines toward 1.
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