The Pound Sterling tumbled against the US Dollar early during the North American session as traders digested the escalation of the Russia-Ukraine conflict, the result of the US Presidential Elections, and hot UK inflation data.
GBP/USD dips as market reacts to global tensions and hot UK inflation data. Technical indicators suggest further downside, with the pair now below the 200-day SMA. Key support levels to watch include 1.2600 and May's low at 1.2445, with potential for retesting annual lows. Recovery above 1.2665 and the 200-day SMA would be crucial for reversing current bearish momentum. The GBP/USD trades at 1.2624, down 0.21%.
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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