GBP Continues to Soar – Overview for July 13, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/GBPUSD_6-360×360.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 British pound sterling is showing no signs of slowing down its upward <a title="<div class="wpg-tooltip-content"><p>Momentum is an indicator of the speed and direction of price change over a specific time frame.</p></div>" href="https://blog.roboforex.com/glossary-terms/momentum/">momentum</a> against the US dollar, reaching a fifteen-month high.</p>
<p>Currently, the <a href="https://roboforex.com/beginners/info/charts/forex/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP/USD</a> pair stands at 1.3000. This surge in the pound can be attributed to the weakening of the US dollar, along with other factors that have contributed to the recent rise in GBP rates.</p>
<p>Fundamentally, the pound draws support from the Bank of England's strategy of increasing interest rates. Unlike other major economies, the UK is experiencing a continuous 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>. To counteract this price pressure, the Bank of England views tightening monetary policy as an effective tool.</p>
<p>As long as interest rates continue to rise, the pound is expected to maintain its upward trajectory within the ascending channel.</p>
<p>In today's trading, it is important to keep an eye on the release of industrial production data in the UK, as it may have an impact on GBP performance.</p>
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