After posting small gains on Wednesday, GBP/USD came under renewed bearish pressure and fell to its weakest level in three weeks below 1.2800 in the European morning on Thursday.
GBP/USD stays under bearish pressure in the European morning on Thursday. The BoE is expected to lower the policy rate by 25 basis points. Interest rate swaps see a nearly 40% chance of the BoE keeping bank rate unchanged. Economic Indicator BoE Interest Rate Decision The Bank of England announces its interest rate decision at the end of its eight scheduled meetings per year.
Pound Sterling FAQs What is the Pound Sterling? The Pound Sterling is the oldest currency in the world and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, aka ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders , and EUR/GBP .
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