GBP/USD sellers attack 1.0800 with eyes on BOE speakers, US GDP
GBP/USD takes offers to refresh the intraday low around 1.0800, snapping a two-day rebound from the record low. In doing so, the cable pair consolidates the biggest daily gains since mid-June during Thursday’s Asian session. Recovery in the US Treasury bond yields joins the market’s discomfort in the Bank of England’s (BOE) confidence to revive the British Pound (GBP) strength to weigh on the GBP/USD prices of late.
British Pound higher, as BOE moves to adjusts monetary policy [Video]
GBPUSD was consolidating on Wednesday, as markets reacted to news that the Bank of England was set to continue buying gilts. The bank was set to start selling U.K. Bonds (gilts) next week, after deciding to stop QE, however they have opted to alter course. Today’s move comes as the British Pound fell to a record low versus the U.S. Dollar, as a result of recent government led tax cuts.
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