The GBP/USD pair trades in positive territory for the fifth consecutive day near 1.2560 during the Asian session on Tuesday.
GBP/USD holds positive ground around 1.2560 on the softer USD on Tuesday. Slower US job growthhas triggered speculation that the Fed will cut the interest rate this year. The BoEis expectedto hold rates at 5.25% for the fifth timein a rowon Thursday. The weaker US Dollar provides some support to themajorpair. The Bank of England interest rate decision on Thursday will be in the spotlight, with no change in rate expected.
According toLSEG'srate probability app, financial markets have priced in rate cuts worth 46 basis points from the Fed by the end of 2024, with the first cut expected in September or November. On the other hand, the BoEis expectedto hold rates at 5.25% at its May meeting on Thursday. Traders will closely monitor about possible timescale for rate cuts and theBoE’sguidance on interest rates.
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