On Tuesday, the Pound Sterling prolonged its agony and extended its losses against the Greenback.
GBP/USD hits a new five-week low of 1.2672 before rebounding above 1.2700. Technical outlook: Bearish momentum with first support at 1.2700, followed by 100-DMA at 1.2683 and 200-DMA at 1.2648. For bullish reversal, GBP/USD needs to surpass 50-DMA at 1.2783, targeting 1.2800 and 1.2900. Although sentiment has improved following Monday's stock riot, the buck remains bid, as shown by the GBP/USD pair, which trades at 1.2709, down by 0.49%.
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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