GBP/USD sticks to intraday gains, remains below mid-1.3100s amid modest USD uptick

📆 9/8/2024 7:39 PM

GBPUSD News

Riskappetite, Fed, BOE

📆 9/8/2024 7:39 PM
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The GBP/USD pair attracts some dip-buying during the Asian session on Monday and climbs back closer to mid-1.3100s in the last hour, though a combination of factors might cap any further gains.

GBP/USD kicks off the new week on a positive note, though the upside seems limited. A weaker risk tone lends support to the safe-haven USD and could act as a headwind. Reviving BoE rate cut bets might further contribute to capping the upside for the GBP. The closely-watched US monthly employment details released on Friday suggested that the labor market momentum is slowing more than expected and added to concerns about the health of the US economy.

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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