The GBP/USD pair builds on its recent gains registered over the past two weeks and advances to its highest level since March 2022, around the 1.3430 region during the Asian session on Wednesday.
GBP/USD scales higher for the fifth straight day and climbs to a fresh 20-month peak. A combination of factors continues to weigh on the USD and lends support to the pair. The BoE’s relatively hawkish stance underpins the GBP and contributes to the move up. Meanwhile, the fundamental backdrop suggests that the path of least resistance for spot prices is to the upside, though slightly overbought conditions on the daily chart warrant some caution for bullish traders.
Traders, however, might refrain from placing aggressive bets ahead of speeches by influential FOMC members this week, including the Fed Chair Jerome Powell on Thursday, and the US PCE Price Index on Friday. BoE FAQs What does the Bank of England do and how does it impact the Pound? The Bank of England decides monetary policy for the United Kingdom. Its primary goal is to achieve ‘price stability’, or a steady inflation rate of 2%.
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