GBP/USD weakens below 1.2450 ahead of crucial BoE decision
GBP/USD has declined 0.3% to 1.2430 as Sterling faces mounting pressure ahead of the Bank of England's highly anticipated policy meeting. The pair has broken below the 1.2450 support level, signaling increased bearish momentum as traders position for potential dovish signals from the BoE. Market expectations are divided between a 25 basis point rate cut and a hold, with recent UK economic data suggesting the central bank may lean toward accommodation. The pound's weakness reflects concerns about UK growth prospects and persistent inflation challenges. Technical indicators show GBP/USD approaching the next support at 1.2400, with resistance now established at 1.2480. A dovish BoE surprise could push the pair toward 1.2350, while any hawkish tilt might trigger a relief rally back above 1.2500. Traders are advised to monitor volatility around the announcement time.
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