The GBP/USD pair holds positive ground above the 1.2600 psychological support during the early European session on Monday.
GBP/USD snaps the two-day losing streak near 1.2605 on the weaker USD. The UK Retail Sales remained flat in February, better than the estimation of a 0.3% decline. The rising speculation the Fed would start cutting rates in June might cap the upside of the Greenback. The major pair rebounds amid the softer US Dollar and lower US Treasury bond yields. Investors await the release of Gross Domestic Product from the UK and US on Thursday for fresh catalysts.
On the other hand, the renewed bets that the Federal Reserve would start cutting the interest rate in June might cap the upside of the Greenback. The Fed Chairman Jerome Powell reiterated last week that policymakers plan to cut rates before the end of this year, given that economic growth continues. According to CME Group's FedWatch tool, Federal Funds Futures have priced in 74.5% odds that the Fed will cut rates in the June meeting.
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