The Pound Sterling (GBP) struggles for a decisive move in Monday’s European session as investors stay on the sidelines ahead of the interest rate decisions by the Federal Reserve (Fed) and the Bank of England (BoE), which will be announced on Wednesday and Thursday, respectively.
The Pound Sterling trades sideways as investors await UK inflation and the BoE decision for fresh guidance. The BoE is expected to maintain interest rates unchanged as UK inflation is far from the 2% target. The Fed’s dot plot will guide the next move in the US Dollar.
Soft inflation data could deepen expectations that the BoE will cut rates in the August policy meeting, while hot figures will likely dampen these expectations. Technical Analysis: Pound Sterling falls to 20-EMA near 1.2730 The Pound Sterling trades back and forth around 1.2730. The GBP/USD pair corrected to the 20-day Exponential Moving Average near 1.2730 as the divergence with spot prices widened.
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