The Pound Sterling (GBP) rebounded firmly against the US Dollar (USD) this week, propelling GBP/USD to a new three-month top, but sellers once again lurked above the 1.2800 mark.
The Pound Sterling faced rejection once again above 1.2800 against the US Dollar. GBP/USD buyers look to UK inflation and BoE policy decision for fresh impetus. The Pound Sterling yearns for a weekly close above 1.2800 to refuel the uptrend. The Pound Sterling rebounded firmly against the US Dollar this week, propelling GBP/USD to a new three-month top, but sellers once again lurked above the 1.2800 mark.
Markets are now pricing in about a 58% chance of a 25 basis points Fed rate cut in September, compared to a 47% probability of such a reduction seen a week ago, CME Group’s FedWatch tool showed. Meanwhile, the UK employment data released on Tuesday failed to have any significant impact on the Pound Sterling. With all the public appearances from the Bank of England policymakers canceled ahead of the July 4 general elections in the UK, the pair remained at the mercy of the US Dollar dynamics.
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