The Pound Sterling (GBP) underperforms against its major peers in Monday’s London session.
The Pound Sterling weakens as investors expect the BoE to cut interest rates on Thursday. A few BoE policymakers may hesitate to vote for a dovish decision due to high inflation in the UK service sector. The Fed is widely anticipated to maintain the status quo. The Pound Sterling underperforms against its major peers in Monday’s London session. The British currency weakens ahead of the Bank of England monetary policy meeting, which is scheduled for Thursday.
Technical Analysis: Pound Sterling falls below 20-day EMA The Pound Sterling declines toward the lower boundary of the Rising Channel chart pattern on a daily timeframe. The GBP/USD pair fell on the backfoot after breaking below the crucial support of 1.2900. The Cable drops below the 20-day Exponential Moving Average near 1.2860, suggesting uncertainty in the near-term trend. The 14-day Relative Strength Index declines toward 40.00, which wouldbe a cushion for the momentum oscillator.
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