The Pound Sterling rises moderately against the US Dollar on Thursday.
GBP/USD rises to 1.2757, up 0.14%, during UK general elections. Resistance at 1.2760/77, where 61.8% Fibonacci and trendlines converge. If surpassed, next targets: 1.2800 and YTD high at 1.2894. Support levels: 1.2736 , 1.2700, 1.2666/70 . The UK holds general elections, which would likely result in a victory for the Labour Party. The GBP/USD trades at 1.2757, up 0.14%. GBP/USD Price Analysis: Technical outlook The pair faces a key supply area, composed by the confluence of the 61.
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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