The GBP/USD pair trades with mild losses near 1.2770 during the Asian trading hours on Tuesday.
GBP/USD posts modest gains around 1.2770 in Tuesday’s Asian session. The negative bias of the pair remains intact, with bearish RSI indicator. The immediate resistance level is seen at 1.2840; the first downside target is located at 1.2735. The modest recovery of the US Dollar helps limit the pair’s losses after retracing to 1.2710 in the previous session.
How do the decisions of the Bank of England impact on the Pound Sterling? The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates.
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