Foreign exchange analysts at Goldman Sachs have raised their forecasts for Pound Sterling on account of ongoing economic resilience and a reasessment of the Dollar's outlook.
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The British Pound is handing back recent gains against the Euro and Dollar and we suspect technical considerations, softer equity markets and quarter-end flows are all playing a role.
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Pound Sterling held multi-month highs against the Euro and Dollar on Tuesday, helped in part by fresh comments from the Bank of England's Governor, Andrew Bailey.
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The British Pound spiked after the Bank of England kept interest rates unchanged and said there was no rush to cut again.
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Pound Sterling fell on Tuesday amidst increased bets that the Bank of England would be egged on by the Federal Reserve and cut interest rates again on Thursday.
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Goldman Sachs says a faster pace of interest rate cuts from the Bank of England won't sink the Pound as the global equity backdrop will remain supportive.
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Pound Sterling erased yesterday's losses against the Euro and Dollar thanks to a recovery in U.S. stock markets.
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