The Pound Sterling moves higher as the US Dollar drops even though Fed rate-cut bets ease. Improved US economic outlook has weighed on Fed rate-cut prospects for September. UK Retail Sales and preliminary PMI weaken due to BoE’s restrictive interest rate policy. The Pound Sterling rises to near 1.2750 against the US Dollar in Monday’s London trading session.
A slowdown in April’s Consumer Price Index after a hot first quarter suggests that core PCE inflation figures could also remain soft from prior readings. Technical Analysis: Pound Sterling seems well-established above 61.8% Fibo retracement Pound Sterling trades close to Friday’s high around 1.2750. The GBP/USD pair is likely to extend upside above the weekly high near 1.2760 as the outlook is bullish. The appeal for the Cable remains high as it has established a firm footing above the 61.