GBPUSD Technical Analysis – The UK data pushed back imminent rate cut hopes ...Middle East

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GBPUSD Technical Analysis – The UK data pushed back imminent rate cut hopes
Fundamental OverviewThe USD remains on the backfoot as the US data continues to point to resilient growth with falling inflation. This week, we got a good US Retail Sales report suggesting that the stories of deteriorating consumer spending have been exaggerated. Overall, this should continue to support the soft-landing narrative and be positive for the risk sentiment. The GBP, on the other hand, keeps on gaining against the US Dollar mainly because of the risk-on sentiment as the US data continues to support at least two rate cuts from the Fed without sending recessionary signals. Yesterday’s greenback weakness might have been due to the drop in the USDJPY pair as flows there could have spi

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