Pound Sterling revives on improved market sentiment
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The Pound Sterling (GBP) shows some bullish moves in the European session on Wednesday as the appeal for risk-perceived assets has improved significantly. The GBP/USD rebounds strongly despite increasing prospects of early rate cuts by the Bank of England (BoE). The UK’s construction and service sectors have rebounded as prospects of rate cuts by the BoE have deepened amid easing price pressures. The US Dollar (USD) has come under pressure despite the Federal Reserve (Fed) now expecting not to rush rate cuts amid a resilient labor market and retail demand. Pound Sterling has extended its upside above 1.2600 as the United Kingdom's economic prospects improve despite the Bank of England (BoE) maintaining interest rates in the restrictive trajectory. The odds of early rate cuts by the BoE escalated after a dovish guidance on interest rates by Bank of England Chief Economist Huw Pill. The Pound Sterling is the oldest currency in the world and the official currency of the United Kingdom. The Bank of England's decisions on monetary policy have a significant impact on the value of the Pound Sterling. Economic data releases and the trade balance also influence the value of the Pound. The Pound Sterling is currently trading above 1.0750 against the Euro (EUR) and defending 1.2600 against the US Dollar (USD).
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