The British Pound (GBP) exhibited a bullish trend throughout the week and managed to advance to fresh five-week peaks around 1.2700 against the US Dollar (USD).
The Pound Sterling advanced to five-week highs against the Dollar this week. GBP/USD has so far met decent resistance around 1.2700. Next on tap for Cable will be the release of UK inflation figures. The British Pound exhibited a bullish trend throughout the week and managed to advance to fresh five-week peaks around 1.2700 against the US Dollar . This encouraged GBP/USD to close its third week of gains out of the last four ones, leaving behind at the same the key 200-day SMA at 1.2539.
In addition, his colleague Megan Greene argued that the central bank should wait for more clear evidence that high inflation pressures in the country are becoming less stubborn before moving to decrease interest rates. On this, money markets are putting in a 55% possibility of a rate drop in June. The above came to reinforce comments from Governor Andrew Bailey, who indicated a preference for lowering rates in the coming quarters and highlighted recent inflation improvements.
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