The Pound Sterling reversed its course on Thursday against the Greenback, even though UK data was solid, while the US jobs market shows signs of weakness.
GBP/USD drops below the 1.3000 mark, trading with over 0.20% losses as strong US Dollar prevails. Technical outlook shows momentum remains bullish with RSI still positive despite recent dip. Key support levels to watch: 1.2894, 1.2861, and 1.2817; resistance at 1.3044 and 1.3100 if buyers reclaim 1.3000. Nevertheless, elevated US Treasury yields and a strong US Dollar pushed the GBP/USD below the 1.3000 figure, trading with more than 0.20% losses.
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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