The Pound to Dollar exchange rate's technical setup has broken down, and further weakness is likely in a week dominated by the release of the U.S. PCE inflation report.
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The Dollar was broadly lower after the Federal Reserve said it still expects to cut interest rates three times in 2024.
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With UK inflation not offering much direction for the Pound to Dollar, all eyes now turn to the Federal Reserve policy update, due at 18:00 UK time.
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"A Sterling reputation" is the title of a new report from Goldman Sachs, in which the company announces an upgrade to its forecasts for the Pound to Dollar exchange rate.
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Pound Sterling has retreated from its March highs against the Dollar and risks a further setback if UK inflation disappoints and the Federal Reserve strikes a hawkish tone.
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The US dollar came back swinging this week, after a series of inflation surprises fueled speculation that the Fed will signal a slower pace of rate cuts when it meets next week.
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Another surprisingly robust U.S. inflation release has aided Dollar exchange rates higher and points to "brewing bullish momentum" according to one analyst.
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