Sterling Rallies Ahead of Key Bank of England Decision; Fed Holds Rates Steady
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The Pound Sterling rallies ahead of the Bank of England's interest rate decision, with investors optimistic about the economic outlook.
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February's lower-than-expected UK inflation report could allow the BoE to signal a dovish shift, opening the door for future rate cuts.
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The US Dollar weakens as the Federal Reserve sticks to its forecast of three rate cuts in 2020 despite hotter inflation.
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Technical analysis shows the GBP/USD breaking above 1.2800 resistance, with the next target being the 1.2900 level if momentum continues higher.
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Background on factors influencing the Pound Sterling include Bank of England policy, economic data like GDP and employment numbers, the trade balance, and interest rates relative to other currencies.