GBP/USD tradeson a positive notearound 1.2520 amid weaker USD on Monday. The recent US PCE inflation data dialed back their expectation of when the Federal Reserve will start cutting interestrates. Investors increased their bets that the BoE will start cutting rates in June. The uptick of themajorpairis supportedby the softer US Dollar below the 106.00 psychological mark.Investors will closely monitor the Federal Open Market Committee interest rate decision and Press Conferenceon Wednesday.
Thehigher-for-longer stance from the US central bank might provide some support tothe Greenback and cap the downside of the GBP/USD pair. On the other hand, investors raise their bets that the Bank of England will start lowering borrowing costs in its June meeting. The BoE Governor Andrew Bailey said during the press conference after the last monetary policy meeting that two or three rate cuts this year are not unreasonable.
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