The Pound Sterling made a U-turn and surged during the North American session after falling shy of testing the 200-day moving average (DMA) at 1.2654, yet buyers stepped in and lifted the GBP/USD pair.
Pound Sterling surges 0.40% after bouncing off weekly lows near 1.2654. RSI indicates upward momentum, with buyers aiming for 1.2785 and 1.2800. A drop below 1.2700 could test 100 and 200-DMAs, leading to 1.2600. The Pound Sterling made a U-turn and surged during the North American session after falling shy of testing the 200-day moving average at 1.2654, yet buyers stepped in and lifted the GBP/USD pair. At the time of writing, the major trades at 1.2744 gaining over 0.40%.
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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