The GBP/USD pair is on a steady rise, showing resilience.
British Pound (GBP) against the US Dollar (USD) is showing a strong upward trend after a prolonged period of decline. Currently, the GBP/USD exchange rate is at 1.2290.
As investor confidence in taking risks begins to return to the market, the GBP is rebounding from recent lows. Notably, September was the toughest month for the British currency this year, witnessing a six-month low. This decline was primarily attributed to investors reassessing their previous estimations of the Bank of England’s (BoE) monetary policy outlook.
The recently published Bank of England meeting minutes didn’t provide significant revelations. It’s evident that the British regulator will base future interest rate decisions on the state of the economy. The possibility of interest rate hikes seems rather constrained.
Crucial data for the GBP is anticipated to be released on Thursday, encompassing the industrial production report, its components, and the GDP report for August.
The post GBP Gains Ground: Overview for October 11, 2023 appeared first at R Blog – RoboForex.