GBP/USD shooting star emerges as sellers eye 1.2600

Early during the North American session, the British Pound dropped against the Greenback after data from the United States showed that business activity was picking up. Alongside that, inflationary pressures rose, sparking investors’ fears that the Fed would delay cutting rates later during the year. The GBP/USD trades at 1.2711 after hitting a high of 1.2746, down 0.04%. Read More…

The Pound Sterling (GBP) holds strength above 1.2700 in Thursday’s New York session. The GBP/USD pair strengthens as traders pare bets that were leaned towards the Bank of England (BoE) shifting to policy normalization in the June meeting after remaining hawkish for more than two years on interest rates. The expectations favoring the BoE that it will start reducing interest rates from the June meeting diminished after the Consumer Price Index (CPI) report for April showed that inflation softened at a slower pace than expected. Read More…

The GBP/USD pair extends the rally near 1.2720 during the early Asian section on Thursday. The uptick of the major pair is bolstered by the hotter-than-expected UK CPI inflation data, which slashed June rate cut bets from the Bank of England (BoE). Later in the day, the flash Purchasing Managers Index (PMI) reports from the UK and US will be released. Read More…