The Cable spot FX rate (GBPUSD) has retained a more negative outlook, despite recent losses and weakness for the US currency.
A more dovish tone was indicated in Wednesday’s speech by Jerome Powell, with the Fed Chairman signalling that rates were close to the Fed’s “neutral rate”.
This saw the Eurodollar, interest rate market price in only 1-2 rate hikes in 2019 (as opposed to closer to three previously).
Since then, the US currency has been broadly weaker against most other major currencies.
HOWEVER, although GBPUSD did see a brief rally (driven by US Dollar weakness after the speech), subsequent GBPUSD losses have highlighted an ongoing Sterling (GBP) vulnerability.
See the full article here: https://www.fxexplained.co.uk/forex-articles/current-market-analysis/pound-stays-vulnerable-to-further-losses/