The Pound Sterling (GBP) trades sideways against its major peers on Tuesday with investors focusing on the Monetary Policy Hearings, in which several Bank of England (BoE) policymakers – including Governor Andrew Bailey – will respond to questions before the Treasury Committee regarding the latest decisions on interest rates.
The Pound Sterling trades back and forth ahead of several BoE members’ hearings before the Treasury Committee. Traders expect that the BoE will cut interest rates by 25 bps in December. Nomura expects the Fed to leave interest rates unchanged in December.
Nomura expects the Fed to cut interest rates by 25 bps in March and June meetings next year. Technical Analysis: Pound Sterling gains firm footing near 1.2600 The Pound Sterling gains ground near 1.2600 against the US Dollar after discovering some buying interest. However, more broadly, the GBP/USD pair remains under pressure as it trades well below the 200-day Exponential Moving Average at around 1.2850. The 14-day Relative Strength Index stays near 30.00, suggesting a strong bearish momentum.
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