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GBP/USD refreshes weekly high above 1.2650 as BoE prepares for a fresh rate hike

GBP/USD has printed a fresh weekly high at 1.2653 in the early European session. The Cable has shown a stellar rally and is expected to extend its upside as the Bank of England (BoE) is preparing for a fresh interest rate hike this week. Thursday’s Bank of England (BoE) interest rate policy will be keenly watched by the market participants as the United Kingdom’s inflation is not showing signs of deceleration while the central bank has already tightened its monetary policy significantly.

S&P500 futures have generated some losses in the Asian session amid uncertainty over US debt ceiling issues. The overall market mood is quite cheerful, however, a cautionary approach is advisable ahead of the United States Consumer Price Index (CPI) data, which will release on Wednesday.

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