Pound Near $1.24, Awaiting BoE Decision
The British pound hovered around $1.24, just below a three-week high, as traders assessed central bank decisions and the UK economic outlook. The Fed held rates steady with a cautious tone on cuts, while the ECB is expected to lower rates by 25bps, following similar moves by the BoC and Riksbank.
In the UK, the BoE is likely to cut rates by 25bps in February, though stronger data may slow the pace. Meanwhile, Finance Minister Rachel Reeves outlined growth plans, including a third Heathrow runway, while debt sustainability remains a concern.
Key resistance is at 1.2460, with further levels at 1.2500 and 1.2600. Support stands at 1.2400, followed by 1.2350 and 1.2265.
In the UK, the BoE is likely to cut rates by 25bps in February, though stronger data may slow the pace. Meanwhile, Finance Minister Rachel Reeves outlined growth plans, including a third Heathrow runway, while debt sustainability remains a concern.
Key resistance is at 1.2460, with further levels at 1.2500 and 1.2600. Support stands at 1.2400, followed by 1.2350 and 1.2265.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.