Pound Surges to New Heights – Overview for July 11, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/GBPUSD_4-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="GBP/USD analysis today" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p><a href="https://roboforex.com/beginners/info/charts/forex/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP/USD</a> Continues to Ride an 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>.</p>
<p>The British pound sterling is experiencing a strong rally against the US dollar, propelling the GBP/USD pair to new heights. The current GBP/USD quote stands at 1.2884. Several key factors have contributed to the pound's remarkable performance.</p>
<p>Significant support for the GBP has emerged from the Bank of England (BoE). In a recent speech, BoE Governor Andrew Bailey reaffirmed the regulator's unwavering commitment to combating <a href="https://blog.roboforex.com/blog/2022/06/30/what-is-inflation-reasons-and-consequences/" data-internallinksmanager029f6b8e52c="220" title="Inflation">inflation</a>. Bailey's stance is influenced by policymakers and economists who believe that the current surge in price levels surpasses desired thresholds. The inflation target stands at 2%. The central bank asserts that maintaining consumer prices at this level ensures price stability and fosters a thriving economy in the UK.</p>
<p>The Bank of England has consistently raised interest rates over the past 13 meetings, and market expectations suggest that the <a title="<div class="wpg-tooltip-content"><p>A trend is a direction in which the market or the price of an instrument is moving. Trends can be upward, downward or sideways and are common to all types of markets.</p></div>" href="https://blog.roboforex.com/glossary-terms/trend/">trend</a> will continue at the upcoming session. Forecasts for the long term even indicate a potential <a href="https://blog.roboforex.com/blog/2019/10/22/trading-news-how-to-earn-on-interest-rates/" data-internallinksmanager029f6b8e52c="90" title="Interest rate">interest rate</a> range of 6.25-6.50% by the beginning of 2024, marking the highest levels seen in the past 25 years. Such a tight monetary policy stance adopted by the Bank of England amplifies purchasing activity in the pound.</p>
<p>As the GBP maintains its strong upward trajectory, market observers will closely monitor further developments and assess the potential implications on currency dynamics.</p>
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