GBPUSD | Pound Remains Under Pressure | 13-17/5/2024

the Bank of England’s (BoE) Monetary Policy Committee maintained the interest rate at 5.25%, the highest in 16 years. Economists polled by Reuters mostly expected borrowing costs to remain unchanged, with a committee vote ratio of 8 to 1. However, the vote was 7 to 2. During discussions, two committee members supported a rate cut to 5.0%, which market participants interpreted as a step towards the beginning of a policy easing cycle.

Focus on UK labor data scheduled for Tuesday

Technical Analysis
GBPUSD trading below SMA 200, RSI remain at 50 level, showing no trend momentum.

Fair Value Gap at 1.2420 - 1.2400 need to be monitor.