The GBP/USD pair trades with a negative mild bias around 1.2575 despite the decline of the US Dollar on Wednesday.
GBP/USD trades on a weaker note near 1.2575 on Wednesday. Many Fed officials see three rate cuts as reasonable this year. Traders raise their bets the BoE will cut the interest rate before the US Fed this year, weighing on the GBP. The US ADP Employment Change, the ISM Services PMI, and Fed’s Powell speech will be the highlights on Wednesday. The major pair remains vulnerable due to slowing UK inflation and a dismal market mood.
748M in January, better than the market estimation. Meanwhile, the Factory Orders improved to 1.4% MoM in February from a 3.8% fall in the previous reading. On the other hand, traders raise their bets the Bank of England will cut the interest rate before the US Fed this year, which exerts some selling pressure on the Pound Sterling . Additionally, easing UK inflation and a dismal market mood might weigh on the GBP and cap the upside of the GBP/USD pair.
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