The GBP/USD sell-off gained steam during the American and Asian sessions as the US dollar strength continued.
The GBP/USD pair declined as the outlook for the UK economy worsened. On Monday, many unions representing rail workers announced that they will strike soon. This will be the biggest strike in over 25 years and will affect train passengers across the UK. The workers are protesting poor wages amid soaring inflation.
These strikes will affect the country’s economy at a difficult time when inflation has surged to the highest level in over four decades. House prices have surged while retail sales have all declined. Consumer confidence has slumped to the lowest level in over a decade.
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