The $GBPUSD price continued its recovery after the relatively positive economic data from the UK and dovish minutes by the Federal Reserve.
Federal Reserve
Smaller rate hikes will also give the officials a chance to evaluate the impact of the past rate hikes. The market now expects that the bank will hike rates by 0.50% in its December 14 meeting. A key concern among market participants is the terminal rate. In recent statements, Fed officials have insisted that they will need to see a sustained period of low inflation before they change their tone on tightening.
The GBP/USD price also reacted to the better-than-expected UK manufacturing and services PMI numbers. According to S&P, the manufacturing PMI remained at 46.2 while the services PMI remained at 48.8. The two were better than the median estimates of 45.7 and 48, respectively,
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