The $GBPUSD price pared back most of the losses it made on Wednesday even as bets that the Bank of England (BoE) will slash rates later this year rose.
Set a buy-stop at 1.2410 and stop-loss at 1.2525.The GBP/USD price pared back most of the losses it made on Wednesday even as bets that the Bank of England will slash rates later this year rose. It rose to 1.2400 during the American session after it fell to a weekly low of 1.2263 during the UK session.The GBP/USD exchange rate rose slightly as derivatives data showed that the BoE will need to cut rates n the fourth quarter.
The main data to watch that will move the GBP/USD will be the fourth-quarter US GDP number. Economists expect that the economy expanded by 2.6% in Q4 after growing by 3.2% in the third quarter. They also see the GDP price index falling from 4.4% to 3.3% in the same period.
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