GBP/USD Aiming to Retest Two-Month High

The GBP/USD currency pair is aiming to re-test its two-month high of 1.2448 during the Asian session, as market sentiment remains optimistic. Despite expectations of the Federal Reserve (Fed) maintaining a steady monetary policy, the Cable is attracting bullish bets. The US Dollar Index (DXY) is currently defending the 102.20 support level, as the receding fears of the United States banking crisis have opened the possibility of a continuation of the policy-tightening spell by the Fed.

Investors are anticipating the release of the core US Personal Consumption Expenditure (PCE) Price Index (Feb) data, which is expected to remain steady at 4.7% annually. Meanwhile, the prices of goods and services have accelerated by 0.4%, lower than the former expansion of 0.6%, causing the USD Index to exhibit unpredictable movements above the 102.20 support level.

The BoE's monetary outlook has varying opinions, which will likely cause the Pound Sterling to be volatile. As per the CME Fedwatch tool, the likelihood of the Fed maintaining an unchanged monetary policy in May has fallen below 50%.

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