Pound Sterling remains inside the woods ahead of US Q4 GDP data.

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• Pound Sterling remains inside the woods ahead of US Q4 GDP data.
• Strong UK PMIs have prompted expectations of hawkish guidance from BoE policymakers.
• Going forward, policy decisions from the Fed/BoE will be in focus.

The Pound Sterling (GBP) struggles for direction as investors shift focus towards the central bank policy decisions, which are scheduled for next week. The GBP/USD remains sideways as a steady interest rate decision by the Bank of England (BoE) is widely anticipated. Market participants will keenly focus on the outlook for interest rates as strong PMI’s for December has allowed BoE policymakers to support the argument of maintaining interest rates at restrictive levels for a longer period.

Investors should brace for high volatility as the market mood will be guided by the United States Q4 Gross Domestic Product (GDP) data. Upbeat US data would lower the odds advocating an early interest rate-cut by the Federal Reserve (Fed) and support the US Dollar

Pound Sterling oscillates inside Wednesday’s trading session as focus shifts to central bank policy decisions, scheduled for next week. The broader-term trend for the GBP/USD pair remains upbeat as it sustains above the 20- and 50-day Exponential Moving Averages (EMAs). The 14-period Relative Strength Index (RSI) trades in the 40.00-60.00 range, indicating a sharp decline in volatility. A downside move could occur if the Cable drops below the crucial support of 1.2650.

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