The GBP/USD pair continues with its struggle to gain any meaningful traction and languishes near its lowest level since early June touched on Monday.
pair continues with its struggle to gain any meaningful traction and languishes near its lowest level since early June touched on Monday. Spot prices currently trade around the 1.2380-1.2375 region and seem vulnerable to prolonging the recent downward trajectory witnessed over the past two months or so.
Firming expectations that the Bank of England is nearing the end of its rate-hiking cycle continue to undermine the British Pound and act as a headwind for the GBP/USD pair. The US Dollar , on the other hand, remains on the defensive below a six-month top set last week and helps limit losses for spot prices.
The British Pound continues with its relative underperformance in the wake of diminishing odds for more aggressive policy tightening by the, though subdued US Dollar demand lends some support to the GBP/USD pair. BoE Governor Andrew Bailey had told lawmakers recently that the central bank is now"much nearer" to ending its run of interest rate increases.
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