GBP/USD dives to multi-week lows amid USD strength, eyes on BoE

The GBP weakened on Tuesday against the USD as the Greenback gained ground against most of its rivals. Ahead of Thursday’s Bank of England (BoE) decision, the weak British made the GBP lose interest while markets await key labour data from the US. Economic data reported on the session from the US came in weak, but the DXY index hold gains above 102.00. Read More…

The Pound Sterling (GBP) delivers a perpendicular fall as investors remain cautious ahead of the interest rate decision by the Bank of England (BoE), which will be announced on Thursday. The GBP/USD pair fails to discover strength as a widely anticipated interest-rate hike by the BoE will deepen recession fears. UK Treasury Advisers already warned that an aggressive rate-tightening cycle would dampen the economic outlook. Read More…

Further selling pressure in GBP/USD is expected to meet a tough support around 1.2720, according to Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group. Read More…