- GBP/USD failed to make meaningful headway on Friday.
- The Pound Sterling has been floundering ahead of next BoE rate call.
- BoE set to deliver a quarter-point rate cut next Thursday.
GBP/USD floundered on Friday, climbing a scant 0.13% on the day as the Pound Sterling gets weighed down by broad-market expectations of a rate cut from the Bank of England (BoE) next week. The pair wraps up the trading week down one-half of one percent, adding a second straight week of downside momentum as the pair pulls back from last week’s 12-month high above 1.3000.
The BoE is set to deliver its first rate cut since March 2020 on Thursday. The UK’s main benchmark rate is expected to shift down 25 basis points to 5.0% from the current 5.25%. Before that, the Federal Reserve (Fed) is due to deliver its own July rate call, and investors are broadly expecting the US central bank to keep rates pinned for one more meeting before kicking off a rate-cutting cycle in September.
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