The GBP/USD pair struggles to capitalize on the previous day's modest recovery gains and meets with a fresh supply during the Asian session on Wednesday.
GBP/USD attracts fresh sellers on Wednesday and is pressured by a combination of factors. The GBP continues to be weighed down by BoE Governor Bailey’s dovish remarks last week. Reduced bets for a jumbo Fed rate cut underpin the USD and contribute to the pair’s slide. The GBP/USD pair struggles to capitalize on the previous day's modest recovery gains and meets with a fresh supply during the Asian session on Wednesday. Spot prices currently trade around the 1.3085-1.
BoE FAQs What does the Bank of England do and how does it impact the Pound? The Bank of England decides monetary policy for the United Kingdom. Its primary goal is to achieve ‘price stability’, or a steady inflation rate of 2%. Its tool for achieving this is via the adjustment of base lending rates. The BoE sets the rate at which it lends to commercial banks and banks lend to each other, determining the level of interest rates in the economy overall.
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