Forex
GBP/USD Teeters on Support Ahead of BoE Hike Odds Surge
The GBP/USD currency pair is exhibiting signs of stabilization near support levels ahead of key economic data releases and a major interest rate decision.
Market expectations are building for a potential Bank of England (BoE) interest rate hike, with odds rising sharply from 15.6% to 43.2%, according to overnight index swaps (OIS).
The UK's Consumer Price Index (CPI) data is set to be released this week, and a surprise increase could bolster the British pound.
The Federal Reserve decision will also have a significant impact on market sentiment, particularly if it falls short of increasingly hawkish market expectations.