During the early European session on
Friday, the GBP/USD pair is trading weaker, hovering around 1.2620.
The drop in
the value of the British Pound (GBP) is supported by increasing speculation
that the Bank of England (BoE) will initiate a series of interest rate cuts
this year.
Investors are already factoring in the likelihood of the first-rate
reduction occurring in August, with expectations totaling nearly three
quarter-point cuts throughout the year.
