GBPUSD: USD pressure continues to increase on GBP
The GBP/USD pair hovers near a recent low, maintaining a defensive stance around 1.2710, reflecting the market's unease in anticipation of several key US data releases and the upcoming monetary policy announcements from the Bank of England (BoE) on Thursday.
Although the Pound Sterling is experiencing selling pressure at its lowest level in days due to market consolidation and cautious sentiment before significant events, concerns have arisen regarding the BoE's ability to safeguard the British Pound (GBP), causing recent price declines. Despite this, it is widely expected that the BoE will raise its benchmark interest rates by 25 basis points (bps).
Although the Pound Sterling is experiencing selling pressure at its lowest level in days due to market consolidation and cautious sentiment before significant events, concerns have arisen regarding the BoE's ability to safeguard the British Pound (GBP), causing recent price declines. Despite this, it is widely expected that the BoE will raise its benchmark interest rates by 25 basis points (bps).
