The Pound Sterling extended its gains against the US Dollar on Tuesday amid a scarce economic docket in the UK.
GBP/USD clears the top of an ascending channel and nears the YTD high of 1.3398. The Relative Strength Index favors buyers, breaking above 70 despite entering overbought territory, signaling potential for further gains. Next resistance levels include the March 1, 2022, high at 1.3437 and the psychological 1.3500 mark. A pullback could see the pair test support at 1.3350, with further downside targeting 1.3298, 1.3266, and the 1.3200 figure.
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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