The Pound Sterling begins the North American session on the backfoot and registers losses of 0.14% after failing to crack the 1.3000 figure.
GBP/USD down 0.14%, after failing to break 1.3000 level. Technical outlook shows upward bias, but RSI hints at profit booking. Key support at 1.2894, with resistance at 1.2995 and 1.3000, ahead of UK inflation data release. The lack of economic data from the United Kingdom boosted the Greenback, which was battered last week. The GBP/USD trades at 1.2946 after hitting a daily high of 1.2979.
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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