The Pound Sterling (GBP) declines to near 1.2700 against the US Dollar (USD) in Tuesday’s London session.
The Pound Sterling falls against the US Dollar to near 1.2700 amid weak appeal for risk-sensitive currencies. Investors worry that the US economy could enter a recession. The British currency will be guided by market speculation for BoE rate cuts. The Pound Sterling extends its downsideto near 1.2700 against the US Dollar in Tuesday’s London session. The GBP/USD pair weakens as the US Dollar steadies after rebounding from fresh six-month low.
Market participants expect that the BoE could also deliver subsequent rate cuts to fight against the ripple effects of the US slowdown. Last week, the BoE cut interest rates by 25 basis points to 5%, with a 5-4 vote split, as expected. The BoE suggested that the central bank will use a cautious approach in its policy normalization process. Technical Analysis: Pound Sterling is at make or break around 1.
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