The GBP/USD pair remains on the defensive around 1.2430 during the early Asian session on Wednesday.
GBP/USD attracts some sellers to 1.2430 on the stronger USD. Fed’s Powell said the US monetary policy needs to be restrictive for longer. BoE’s Bailey saw strong evidence that UK inflation was falling. The further upside in the US Dollar from a hawkish tilt by Federal Reserve Chair Jerome Powell and upbeat USRetail Salesdata weighs on the GBP/USD pair. Investors will take more cues from the UK Consumer Price Index on Wednesday.
On the other hand, investors price in two rate cuts by the Bank of England this year, with the first move in August or September and earlier rate cuts than the Fed. This, in turn, has exerted some selling pressure on the Pound Sterling and created a headwind for the GBP/USD pair.
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