The Pound Sterling (GBP) cracked significantly amid increasing risk-aversion and dovish remarks from Bank of England (BoE) Governor Andrew Bailey and
is expected to remain on tenterhooks as policy divergence between the BoE and the Federal Reserve is likely to persist if the UK’s central bank decides to pause the policy-tightening spell.
Swati Dhingra said Wednesday that the current interest rate policy is sufficiently restrictive and further hikes in interest rates would make theFading consumer spending momentum and a deteriorating demand environment have started impacting the services sector, according to the latest survey data.GBP/USD came under renewed bearish pressure in the early European session on Thursday and dropped to its weakest level in three months below 1.
. Although the near-term technical outlook highlights oversold conditions for the pair, a steady recovery could be difficult to come by in the risk-averse market atmosphere. The US Dollar gathered strength against its rivals in the American session on Wednesday after the ISM Services PMI report showed that business activity in the service sector continued to grow at a healthy pace in August. Meanwhile, cautious comments from Bank of England officials on the policy outlook weighed on Pound Sterling, causing GBP/USD to stretch lower.The GBP/USD pair consolidates its recent losses around 1.2500 during the Asian session on Thursday.
On the other hand, the Pound Sterling was weakened by Bank of England Governor Andrew Bailey's dovish remark on Wednesday.
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