The Pound Sterling (GBP) faces barricades while extending upside above the crucial resistance at 1.2140 as strength in the US Dollar has squeezed the
Pound Sterling faces pressure in extending recovery amid risk-off sentiment. Investors shift focus to the BoE policy, which is expected to remain unchanged at 5.25%. BoE policymakers may struggle to understand persistent inflation amid novel labor market data collection methods. risk appetite of investors. The GBP/USD pair may fall back to seven-month lows as the United Kingdom economy is facing the wrath of higher interest rates by the Bank of England amid stubborn consumer inflation.
The US Dollar looks set for a bullish weekly close, supported by heavy demand for safe-haven assets amid Israel-Hamas tensions and upbeat US economic data. The US Bureau of Economic Analysis reported on Thursday that the economy grew at an annualized rate of 4.9% in the July-September quarter after the 2.1% expansion recorded in the second quarter's GDP report. Investors forecasted that the US economy expanded by 2.1% in the third quarter of 2023.
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