The GBP/USD pair trades on a stronger note around 1.2875 during the early European trading hours on Monday.
GBP/USD trades firmer near 1.2875 in Monday’s early European session. The negative outlook for the pair remains in play, with bearish RSI indicator on 4-hour chart. The first upside barrier is seen at 1.2919; initial support level is located at 1.2843. The softer Greenback amid the hope of an interest rate cut by the US Federal Reserve in September provides some support to the major pair.
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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