The $GBPUSD price rose slightly even after a hawkish statement by Raphael Bostic. Trade with our daily Forexsignal here
After crashing to an all-time low of 1.0366 on September 26, the pair rose to 1.0925 in a sign of relief.The GBP/USD price has come under intense pressure since last week when Kwasi Kwarteng announced tax cuts worth over 45 billion pounds. The tax cuts includes incentives to boost London as the financial capital of London.
Still, analysts caution that this stimulus by the Bank of England could backfire since it could lead to more. Data published this month showed that inflation dropped slightly in August due to government’s support on energy. Without that support, inflation is expected to hit 20% in 2023. Some analysts believe that the BoE will need to hike rates by 100 basis points before its scheduled meeting.
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