The GBP/USD pair consolidates its gains near 1.2560 after flirting with the key 200-day SMA and three-week highs in the 1.2550-1.2560 zone during the early Asian session on Tuesday.
GBP/USD takes a breather around 1.2560 in Tuesday’s early Asian session. The US Fedis expectedto hold rates steady at its May meeting on Wednesday. Investors reduce their bets on BoE rate cuts, which support the Cable. The GBP/USD pair consolidates its gains near 1.2560 after flirting with thekey200-day SMA and three-week highs in the 1.2550-1.2560 zone during the early Asian session on Tuesday. The recovery of themajorpairis supportedby a falling US Dollar Index to 105.65.
The recent US GDP growth numbers and hotter-than-expected inflation data might convince the Fed to hold the rate higher for longer to become confident inflation is moving toward the central bank’s 2% target. The hawkish stance of the Fed might lift the Greenback and cap the upside of the GBP/USD pair in the near term. On the other hand, the Pound Sterling gains traction amid mixed guidance from Bank of England policymakers over the inflation outlook.
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