GBP/USD came under heavy bearish pressure and slumped toward 1.3100 in the European morning on Thursday, touching its weakest level in three weeks in the process.
GBP/USD stays under heavy bearish pressure and falls toward 1.3100. BoE Governor Bailey's comments triggered a Pound Sterling selloff early Thursday. The pair's near-term technical outlook points to oversold conditions. The near-term technical outlook points to oversold conditions but the pair could have a difficult time staging a decisive correction.
BoE FAQs What does the Bank of England do and how does it impact the Pound? The Bank of England decides monetary policy for the United Kingdom. Its primary goal is to achieve ‘price stability’, or a steady inflation rate of 2%. Its tool for achieving this is via the adjustment of base lending rates. The BoE sets the rate at which it lends to commercial banks and banks lend to each other, determining the level of interest rates in the economy overall.
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