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Pound Sterling recovers against US Dollar on upbeat market sentiment

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The Pound Sterling (GBP) extends its upside to 1.2650 against the US Dollar in Tuesday’s London session as the latter faces profit-taking after refreshing monthly highs.

The Pound Sterling rebounds as market mood improves and the US Dollar faces a modest correction. BoE Bailey says he doesn’t see market expectations for two or three rate cuts as unreasonable. This week, the US Dollar’s moves will be driven by the core PCE price index data. The Pound Sterling extends its upside to 1.2650 against the US Dollar in Tuesday’s London session as the latter faces profit-taking after refreshing monthly highs.

Over the inflation outlook, Bailey said We are not seeing a lot of sticky persistence. This week, trading volume could remain low due to Good Friday. Also, the United Kingdom's economic calendar has nothing much to offer. However, the US core PCE Inflation data for February will be in focus. Technical Analysis: Pound Sterling rebounds above 1.2600 The Pound Sterling bounces back after slipping below the crucial support of 1.2600.

 

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