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

<div><img width="360" height="360" src="×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="" 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="" 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="" 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="" 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="" data-internallinksmanager029f6b8e52c="220" title="Inflation">inflation</a> levels in the country.</p>

<a href="">Open Trading Account</a></p><p>The post <a href="">GBP Assesses Potential Rate Changes: Overview for January 24, 2024</a> appeared first at <a href="">R Blog – RoboForex</a>.</p>

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