The Pound Sterling (GBP) weakens in Wednesday’s London session amid caution ahead of the Bank of England’s (BoE) interest rate decision, which will be announced on Thursday.
The Pound Sterling declines to near 1.2825 against the US Dollar ahead of the Fed , BoE policy decisions outcome. Firm speculation for BoE rate cuts on Wednesday has weighed heavily on the Pound Sterling. The US Dollar slumps as the Fed is expected to deliver a dovish guidance on interest rates. The Pound Sterling weakens in Wednesday’s London session amid caution ahead of the Bank of England’s interest rate decision, which will be announced on Thursday.
The report is expected to show that labor demand in the private sector was steady as fresh payrolls were 150K, in line with June’s reading. Technical Analysis: Pound Sterling falls below 20-day EMA The Pound Sterling declines gradually toward the lower boundary of a rising channel chart formation on a daily timeframe. The GBP/USD pair accelerated lower after breaking below the crucial support of 1.2900. The Cable dropping below the 20-day Exponential Moving Average near 1.
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