The GBP/USD pair continues its consistent decline.
The British pound sterling, in tandem with the US dollar, is experiencing downward pressure. The current exchange rate for GBP/USD is at 1.2675.
The Bank of England is set to convene today to make decisions regarding the interest rate, which is expected to remain at 5.25% per annum.
The BoE is positioned to observe and follow the lead of other central banks in initiating a reduction in borrowing costs, following in the footsteps of the Federal Reserve and the ECB. This anticipated move is likely to occur no sooner than June or July. More details will be disclosed today as the UK regulator comments on its decisions and provides insights into future steps.
It is essential to pay attention to assessments of inflation and the employment market, as they could offer insights into the BoE’s interest rate outlook for the entire year.
While a stable interest rate for the pound is positive, the robust USD leaves its counterpart with limited opportunities.
The post GBP Faces Uncertainty: Market Overview for February 01, 2024 appeared first at R Blog – RoboForex.