The Pound Sterling holds gains near 1.2750 as a slower-than-expected decline in UK inflation weakens the BoE rate-cut case. Investors await the UK/US preliminary S&P Global PMI data for May. The US Dollar stays firm as the Fed emphasize wait and watch approach on interest rates. The Pound Sterling clings to gains above the crucial support of 1.2700 in Thursday’s London session.
For last two weeks, number of individuals claiming jobless benefits have remained more than expected, which have indicated that the labor market strength is easing. Technical Analysis: Pound Sterling extends winning spree The Pound Sterling extends its winning spell for the fifth trading session on Thursday due to a sharp decline in the BoE rate cut bets for June. The GBP/USD pair has comfortably stabilized above the 61.8% Fibonacci retracement at 1.2667.
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