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US Fed rate hike speculation outpaces BoE
Sterling has continued to lose ground against its dollar counterpart, opening at Thursday’s London session down on 0.38%, at $1.5044, as speculation over the timing of an interest rate increase from the Federal Reserve begins to outpace that of the Bank of England. Expectations for a US rate hike were increased on the back of a positive reading in the ADP non-farm payroll data, which saw 241,000 jobs added.
The sharp move lower in GBP/USD has resulted in an oversold reading being achieved on its relative strength index, which is likely to result in a short-term pullback. However, gains are likely to be capped by the 50-day moving average, currently trading at $1.5133, which if held should see a resumption of the overall bearish trend bringing $1.4972 into play.