GBP Assesses Potential Rate Changes: Overview for January 24, 2024

<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/GBPUSD_6-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="GBP/USD analysis today" style="margin-bottom: 15px;" decoding="async" loading="lazy" /></div><p>The <a href="https://roboforex.com/beginners/info/charts/forex/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP/USD</a> pair remains within a sideways trend, with future developments sparking interest.</p>

<p>The British pound sterling is currently trading in a lateral range against the US dollar, with the current GBP/USD rate at 1.2698.</p>

<p>While the pound maintains stability against the USD, it has achieved a four-month peak against the <a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR</a>. This is attributed to the perceived stability of the British economy, and the Bank of England's stance suggests a delayed decision on rate cuts compared to its counterparts.</p>

<p>Recent statistics published yesterday revealed that the UK <a href="https://blog.roboforex.com/blog/2022/09/30/is-it-important-to-plan-budget/" data-internallinksmanager029f6b8e52c="298" title="Budget">budget</a> deficit in December fell below expectations. In theory, this may pave the way for tax rate reductions in the upcoming budget set to take effect in March.</p>

<p>The pivotal question for GBP revolves around how far behind the Bank of England will trail the Federal Reserve and the ECB in terms of monetary policy easing.</p>

<p>Market expectations currently indicate a 50% likelihood of a BoE <a href="https://blog.roboforex.com/blog/2019/10/22/trading-news-how-to-earn-on-interest-rates/" data-internallinksmanager029f6b8e52c="90" title="Interest rate">interest rate</a> cut in May. However, this timing might be deemed premature by the regulator, given its ongoing concern about elevated <a href="https://blog.roboforex.com/blog/2022/06/30/what-is-inflation-reasons-and-consequences/" data-internallinksmanager029f6b8e52c="220" title="Inflation">inflation</a> levels in the country.</p>

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<a href="https://my.roboforex.com/en/register/">Open Trading Account</a></p><p>The post <a href="https://blog.roboforex.com/blog/2024/01/24/gbp-assesses-potential-rate-changes-overview-for-january-24-2024/">GBP Assesses Potential Rate Changes: Overview for January 24, 2024</a> appeared first at <a href="https://blog.roboforex.com">R Blog – RoboForex</a>.</p>