GBP/USD recovers amid rate cut rumblings in the UK and US
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The Pound to Dollar exchange rate's technical setup has broken down, and further weakness is likely in a week dominated by the release of the U.S. PCE inflation report. The Bank of England signalled at its March policy update that it would soon be appropriate to cut interest rates, raising the odds of a first cut falling in June. Expectations for the first Federal Reserve rate cut have been drifting in the opposite direction, with a July move now possible. Shaun Osborne, Chief FX Analyst at Scotiabank, says the near-term technical setup for Pound-Dollar is 'bearish - Price action retains a soft look'. Thanim Islam, Head of FX Analysis at Equals Money, explains that the genuine prospect of a change in trend has risen. Looking at this week's schedule, a speech by Catherine Mann on Monday wil...
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