EUR/GBP is in a race to the bottom, with the Pound Sterling winning handily as the pair gets bolstered back into 13-week highs despite a misprint in European Retail Sales figures.
EUR/GBP continues to challenge 0.8600 as markets pull back from GBP. BoE rate cuts and social unrest weigh on Pound Sterling sentiment. Race to the bottom as both currencies underperform following bad EU Retail Sales. Market positioning in the Pound Sterling is still heavily-weighted towards buyers, and market flows are rebalancing out of the GBP with the Bank of England racing into a cutting cycle. The Pound Sterling is seeing a steady decline after the BoE trimmed interest rates to 5.
Its key trading pairs are GBP/USD, aka ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders , and EUR/GBP . The Pound Sterling is issued by the Bank of England . 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.
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