Italy HCOB Services PMI came in at 50.4, below expectations (50.5) in January

Feb 5, 2025

Pound Sterling faces pressure as BoE’s policy decision looms large

The Pound Sterling (GBP) underperforms its major peers, except the US Dollar (USD), on Wednesday as investors turn cautious ahead of the Bank of England’s (BoE) monetary policy decision, which will be announced on Thursday.

GBP/USD: A sustained break above 1.2530 is unlikely – UOB Group

The Pound Sterling (GBP) could rise further; overbought conditions suggest a sustained break above 1.2530 is unlikely. In the longer run, for the time being, GBP is expected to trade in a range of 1.2245/1.2530, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.