The GBP/USD pair dips below the psychological support of 1.2500 in Friday’s London session.
GBP/USD plunges below 1.2500 as faded Fed rate cut hopes strengthen the US Dollar. The market sentiment is risk-off as the Fed is expected to delay rate cuts later this year. The UK economy is on course to come out of a technical recession. The Cable weakens due to firm US Dollar.
The monthly Retail Sales data that represents households’ spending is forecasted to have grown at a slower pace of 0.3% from the former reading of 0.6%. This would ease fears of inflation remaining persistently higher. On the United Kingdom front, the Pound Sterling fails to find bid despite upbeat factory data and expected increase in monthly Gross Domestic Product for February. The UK GDP expanded by 0.1% as expected after rising 0.2% in January.
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