GBP/USD trims intraday gains, remaining higher around 1.2530 during the Asian hours on Monday.
GBP/USD remains in the positive territory after trimming daily gains on Monday. US ISM Manufacturing PMI is expected to improve to 48.4 in March, from 47.8 prior. GBP could face a struggle due tothe speculation of the BoE initiating three quarter-point rate cuts in 2024.
Year-over-year PCE increased by 2.5%, meeting expectations. On the other side, the anticipation of the Bank of England initiating three quarter-point rate reductions in 2024 is putting pressure on the Pound Sterling . This pressure is further compounded by recent weaker economic data, indicating that the UK economy slipped into recession in the latter half of 2023.
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