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Pound Sterling Pulls Back Amidst Rising US Dollar

The Pound Sterling has experienced a decline, with the GBP/USD pair falling below the 1.3150 level. The US Dollar has gained strength, supported by the stronger-than-expected US PCE inflation data and a potential slowdown in the Federal Reserve’s pace of interest rate cuts.

The Bank of England’s (BoE) cautious stance on interest rate cuts and the improved UK economic outlook have supported the Pound Sterling. However, the recent decline in the pair suggests a potential short-term correction.

GBP/USD Technical Outlook

The GBP/USD pair has shown a bullish trend, with the 20-week EMA providing support. While the pair has experienced a short-term pullback, the overall upward momentum remains intact. A break below the 1.3150 level could signal a further decline, with potential support at the 1.3000 level.

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