Pound Sterling inches higher possibly driven by improved risk appetite – Crypto News

GBP/USD Weekly Forecast: Pound Sterling struggles as BoE interest-rate cuts come to sight

Throughout the week, the British Pound (GBP) traded in a choppy fashion and struggled to extend gains seen in the previous couple of weeks against the US Dollar (USD), prompting GBP/USD to recoup ground lost in the first half of the week and flirt with the key 200-day SMA around 1.2540 on Friday.

Simultaneously, the price action around the Pound Sterling came in tandem with equally vacillating developments in the Greenback, as investors continued to digest the Federal Reserve’s (Fed) dovish stance during its May 1 meeting and subsequent comments from Fed rate setters, who maintained their prudent stance when it came to prospects for interest rate cuts. Read more…

GBP/USD hovers above 1.2500, focus on UK labor data scheduled for Tuesday

GBP/USD edges higher to near 1.2520 during the Asian session on Monday, possibly due to improved risk appetite. The Pound Sterling (GBP) was bolstered by releasing higher-than-expected UK Gross Domestic Product (GDP) figures on Friday. The UK economy expanded by 0.6% in Q1, surpassing forecasts and signaling the end of the nation’s brief recession. This economic rebound represented the most robust growth seen in over two years.

However, the British Pound faced a challenge following dovish remarks from Huw Pill, Chief Economist at the Bank of England (BoE). Pill echoed the sentiment of the majority of the BoE’s Monetary Policy Committee (MPC), who opted to maintain interest rates at 5.25% on Thursday. Yet, he subsequently expressed a growing belief that rate cuts could be imminent. Read more…