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Pound against US dollar

During the early European session on Friday, the GBP/USD pair is trading weaker, hovering around 1.2620.

The drop in the value of the British Pound (GBP) is supported by increasing speculation that the Bank of England (BoE) will initiate a series of interest rate cuts this year.

Investors are already factoring in the likelihood of the first-rate reduction occurring in August, with expectations totaling nearly three quarter-point cuts throughout the year.

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