The British pound dipped to around $1.29 as traders reacted to softer inflation data and looked ahead to the Spring Statement. UK annual inflation eased to 2.8% in February, below the 2.9% forecast but in line with the BoE's outlook. Services inflation remained at 5%.
The BoE expects inflation to rise toward 4% later this year. Markets see a 92% chance of a 25bps rate cut in August and about a 60% chance of another by year-end. Chancellor Rachel Reeves is set to outline the economic outlook and announce major government spending cuts.
If GBP/USD breaks above 1.3050, the next resistance levels are 1.3100 and 1.3150. On the downside, support stands at 1.2860, with further levels at 1.2800 and 1.2715 if selling pressure increases.
The BoE expects inflation to rise toward 4% later this year. Markets see a 92% chance of a 25bps rate cut in August and about a 60% chance of another by year-end. Chancellor Rachel Reeves is set to outline the economic outlook and announce major government spending cuts.
If GBP/USD breaks above 1.3050, the next resistance levels are 1.3100 and 1.3150. On the downside, support stands at 1.2860, with further levels at 1.2800 and 1.2715 if selling pressure increases.
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