The Pound Sterling rallied sharply against the US Dollar after recent economic data from the United States (US) sparked speculation that the US Federal Reserve might cut interest rates faster than expected.
GBP/USD rallies from daily low of 1.2707 to trade above the 1.2800 mark. Key resistance levels reclaimed: 50-DMA at 1.2787 and 1.2800 mark; next targets are 1.2860, 1.2900, and 1.2950. If GBP/USD falls below 1.2800, it may range between 1.2800 and 1.2700, with further support at 100-DMA . The Pound Sterling rallied sharply against the US Dollar after recent economic data from the United States sparked speculation that the US Federal Reserve might cut interest rates faster than expected.
Its key trading pairs are GBP/USD, aka ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders , and EUR/GBP . The Pound Sterling is issued by the Bank of England . 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.
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