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The GBP/USD pair turned positive for the third straight day and climbed to a two-week high on Friday. The US dollar retreats from a two-and-half-week-high touched this Friday in reaction to the softer US macro data, which is seen lending some support to the GBP/USD pair.
The pair’s uptick, marking the third successive day of a positive move, pushes spot prices to a two-week high, around the 1.2515-1.2520 region in the last hour, though lacks bullish conviction.
The US Bureau of Economic Analysis reported that the US Personal Consumption Expenditures (PCE) Price Index declined more-than-expected, to 4.2% on a yearly basis in March from 5.1% previous.
A steep intraday decline in the US Treasury bond yields contributes to keeping a lid on the USD and acts as a tailwind for the GBP/USD pair amid rising bets for another 25 bps rate hike by the Bank of England in May. The markets still seem convinced that the Federal Reserve (Fed) will go ahead with a 25 bps lift-off next week.
Pound, Sterling
