The GBP/USD pair holds below 1.2490 during the early Asian session on Wednesday.
GBP/USD trades on a weaker note near 1.2490 on Wednesday. US Fedis anticipatedto hold rates steady in its 5.25%–5.50% range for the sixth straight meeting on Wednesday. The dovish remarks of the BoE weigh on the Cable. The downtick of themajorpairis supportedby the stronger US Dollar amid the cautious mood ahead of the US Federal Reserve's interest rate decision later on Wednesday. On Tuesday, the US Conference Board's Consumer Confidence dropped to 97.0 in April from 103.
Investors are now pricing in nearly 44% odds that the Fed will cut the rate in September, down from 60% at the beginning of the week, according to the CME FedWatch Tool. Market players will take more cues from Fed Chair Jerome Powell's Press Conference. The hawkish tone from the Fed might boost the Greenback and weigh on the GBP/USD pair. On the other hand, the dovish stance of the Bank of England exerts some selling pressure on the Pound Sterling .
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