Pound Sterling soars amid upbeat market mood, BoE decision in focus

The Pound Sterling rallies to 1.2800 ahead of BoE’s policy decision. February’s soft UK inflation report could allow the BoE to deliver a slightly dovish guidance. The US Dollar weakens as the Fed keeps forecasting three rate cuts this year. The Pound Sterling exhibits strength in Thursday’s London session ahead of the Bank of England’s interest rate decision, prompted by investors’ higher risk appetite.

Investors will keenly focus on the wage growth outlook as earnings are increasing at a higher pace than what is required to bring down inflation sustainably to 2%. Technical Analysis: Pound Sterling climbs to 1.2800 The Pound Sterling soars to the round-level resistance of 1.2800 amid risk-on sentiment. The GBP/USD pair delivered a strong recovery after discovering buying interest near the breakout region of the Descending Triangle formed around 1.2700.

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