GBPUSD CONTINUES MOVING TOWARDS BUY

The Pound Sterling failed to sustain the previous week’s upbeat momentum and gave into the modest rebound staged by the US Dollar, as the sentiment around the Greenback continued to be supported by the expectations of delayed interest rate cuts by the US Federal Reserve (Fed).

The US Dollar paused its correction from three-month highs, despite softening Core Personal Consumption Expenditures - Price Index (PCE), as the probability for a June Fed rate cut remained more or less the same. The Fed’s preferred inflation gauge aligned with estimates of 2.8% YoY in January but eased from December’s 2.9% increase.

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