The Pound Sterling (GBP) drops to 1.2540 against the US Dollar in Tuesday’s London session.
The Pound Sterling falls to 1.2540 as investors see the BoE easing interest rates before the Fed does so. UK interest rates are expected to remain steady at 5.25% for a straight sixth time after Thursday’s BoE meeting. Investors see the BoE beginning to reduce interest rates from August. The Pound Sterling drops to 1.2540 against the US Dollar in Tuesday’s London session.
2520. The GBP/USD pair faces selling pressure near the neckline of the Head and Shoulder chart pattern formed on a daily time frame. On April 12, the Cable recorded an intense sell-off after breaking below the neckline of the H&S pattern, which is plotted from December 8 low around 1.2500. The 14-period Relative Strength Index oscillates in the 40.00-60.00 range, suggesting indecisiveness among market participants.
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