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On the first day of the week, the GBP/USD pair is attempting to attract buyers
However, the British pound continues to be under pressure due to the Bank of England's "dovish pause," which increased the likelihood of interest rate cuts at the August monetary policy meeting. Additionally, Friday's released UK business activity index data showed that private sector business activity in June grew at its slowest pace since November of last year. Against the backdrop of some USD purchases, this is another factor exerting pressure on the GBP/USD pair.Also, in light of the Federal Reserve's hawkish surprise in early June regarding its forecast of only one rate cut this year, Friday's data showed that US business activity in June rose to a 26-month high. In addition, cautious market sentiment has raised the dollar to its highest level since May 9 and has made an additional contribution to the proposed tone of the GBP/USD pair. However, the lack of sales in the pair and the difficulty of attracting buyers require caution for the bears. However, amid signs of easing inflationary pressures in the United States, there is a possibility of two interest rate cuts by the Fed in 2024. This may deter further appreciation of the US dollar and help limit the decline of the GBP/USD pair. However, in the absence of any important macroeconomic data that may affect the market, and even more so in the run-up to the UK general election scheduled for July 4, it is worth refraining from aggressive directed bets.
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