GBP is Experiencing a Rapid Surge – Overview for July 12, 2023

<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/GBPUSD_5-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="GBP/USD analysis today" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p>The <a href="https://roboforex.com/beginners/info/charts/forex/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP/USD</a> pair is on track to reach a new high, surpassing its previous peak by fifteen months.</p>

<p>The British pound sterling remains resilient against the US dollar, with the current GBP/USD exchange rate standing at 1.2931.</p>

<p>Despite the UK economy adding 102,000 jobs in June, the figure falls short of May's numbers and lags behind market expectations. The unemployment rate has also risen from 3.8% to 4.0%. Additionally, the claimant count change has increased by 25.7 thousand, following a previous decline of 22.5 thousand. On a positive note, earnings for the three-month period ending in May have risen by 7.3%, surpassing the previous value of 7.1% (which was subsequently revised upwards from 7.1%).</p>

<p>The Bank of England (BoE) is striving for a weaker employment sector, as it seeks to combat inflationary pressure. However, the central bank's efforts in this regard have not unfolded according to plan.</p>

<p>The Organization for Economic Cooperation and Development (OECD) highlights that the UK is the only major economy experiencing a continued rise in <a href="https://blog.roboforex.com/blog/2022/06/30/what-is-inflation-reasons-and-consequences/" data-internallinksmanager029f6b8e52c="220" title="Inflation">inflation</a>. Consequently, the BoE is currently struggling to contain inflation and may need to raise interest rates further.</p>

<p>The anticipation of tighter monetary policies in the UK serves as the primary catalyst for the ongoing GBP rally.</p>

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