The Pound Sterling (GBP) advances against the US Dollar (USD) at the start of the week during the European trading session. The GBP/USD pair jumps to near 1.3600as the US Dollar faces selling pressure, with investors awaiting monetary policy announcements by the Federal Reserve (Fed) and the Bank of England (BoE) on Wednesday and Thursday, respectively.
During the press time, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, trades marginally down near 97.50.
According to the CME FedWatch tool, traders see a 94,2% chance that the central bank will cut interest rates by 25 basis points (bps) to 4.00%-4.25% in the policy announcement on Wednesday. Fed dovish speculation has been intensified due to growing labor market concerns.
Meanwhile, the BoE is expected to hold interest rates steady at 4% as inflationary pressures in the United Kingdom (UK) economy are continuing to prove persistent.
Source: Fxstreet
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