The Pound Sterling registers losses against the US Dollar in early trading during the North American session, sponsored by Bank of England´s (BoE) Catherine Mann's hawkish rhetoric.
GBP/USD extends losses, breaking below the 200-day SMA, with further downside potential. Technical indicators suggest continuing bearish momentum with support at 1.2665 in focus. Recovery above 1.2700 could test resistance at the recent high of 1.2873. The Pound Sterling registers losses against the US Dollar in early trading during the North American session, sponsored by Bank of England´s Catherine Mann's hawkish rhetoric.
How do the decisions of the Bank of England impact on the Pound Sterling? The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates.
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