The Pound Sterling has climbed sharply, breached the 1.3000 figure for the first time since July 19, 2023, and exchanged hands at 1.3020 above its opening price by 0.36%, following a mixed inflation report in the UK.
GBP/USD breaches 1.3000 for the first time since July 2023. RSI indicates strong bullish momentum, with potential targets at 1.3050 and 1.3100. Key supports at 1.2894 and 1.2860 if a pullback occurs below the psychological 1.3000 level. GBP/USD Price Analysis: Technical outlook The GBP/USD uptrend is set to continue if Federal Reserve officials' rhetoric turns more dovish as policymakers eye the first rate cut.
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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