GBPUSD : remains capped below 1.2470
GBP/USD is grinding higher on Thursday, trading around 1.246, still locked in a downtrend with the EMA 34 reversal yet to conclude.
On the USD front, optimistic February retail sales earlier this week showcased a robust U.S. economy. This report sparked speculation that the Federal Reserve (Fed) might delay its easing cycle this year. Fed Chair Powell stated he would wait longer than initially expected to cut rates following an unexpected inflation surge. He added that the U.S. central bank might need more time to be confident that price growth is aligning with the Fed's 2% target.
This development is likely to bolster the U.S. Dollar and cap any significant gains for the GBP/USD pair.
On the USD front, optimistic February retail sales earlier this week showcased a robust U.S. economy. This report sparked speculation that the Federal Reserve (Fed) might delay its easing cycle this year. Fed Chair Powell stated he would wait longer than initially expected to cut rates following an unexpected inflation surge. He added that the U.S. central bank might need more time to be confident that price growth is aligning with the Fed's 2% target.
This development is likely to bolster the U.S. Dollar and cap any significant gains for the GBP/USD pair.
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