The Pound Sterling (GBP) faces selling pressure in an attempt to extend recovery above the round-level resistance of 1.2700 against the US Dollar (USD) in Tuesday’s London session.
The Pound Sterling struggles near 1.2700 against the US Dollar amid uncertainty ahead of the UK inflation and the BoE interest rate policy. The UK headline CPI is expected to have decelerated to the bank’s target of 2% in May. Fed ’s Harker sees only one rate cut this year if his economic forecast plays out. The Pound Sterling faces selling pressure in an attempt to extend recovery above the round-level resistance of 1.2700 against the US Dollar in Tuesday’s London session.
The BoE is widely anticipated to keep interest rates unchanged at 5.25% for the seventh time in a row. Therefore, investors will look for cues about the future rate-cut timeframe. Currently, investors see a 57% chance of another BoE rate hold in August, Reuters reported. Technical Analysis: Pound Sterling faces pressure near 1.2700 The Pound Sterling struggles to extend its recovery above the crucial resistance of 1.2700 against the US Dollar.
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