GBP/USD sticks to modest gains around mid-1.3100s, below weekly top set on Wednesday

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GBP/USD sticks to modest gains around mid-1.3100s, below weekly top set on Wednesday
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The GBP/USD pair trades with a positive bias around mid-1.3100s during the Asian session on Thursday, albeit it lacks strong follow-through buying and remains below the weekly top touched the previous day.

GBP/USD draws support from a combination of factors, albeit it lacks bullish conviction. Expectations for a slower BoE rate-cutting cycle continue to underpin the British Pound. Bets for a larger Fed rate cut in September weigh on the USD and further lend support. The British Pound continues to be underpinned by expectations that the Bank of England's rate-cutting cycle is more likely to be slower than in the Eurozone or the United States.

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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