The GBP/USD pair is facing selling pressure around 1.2430 as the US Dollar strengthens. Federal Reserve Chair Jerome Powell’s comments on the need for a more restrictive monetary policy in the US are contributing to the USD’s rise. Meanwhile, Bank of England Governor Andrew Bailey has indicated that UK inflation is decreasing, leading to expectations of interest rate cuts. Investors are awaiting the UK Consumer Price Index data for further guidance. Powell’s remarks have tempered hopes for rate cuts this year, with markets now anticipating delays in any reductions. The BoE is expected to cut rates earlier than the Fed, adding to the downward pressure on the GBP. Bailey’s focus on falling inflation suggests potential rate cuts in the near future.