GBP/USD stays quiet as it anticipates the upcoming UK and US PMI data

GBP/USD Price Analysis: Remains calm near 1.2770 ahead of UK, US PMI data

GBP/USD grapples to continue its winning streak that began on Monday, trading around 1.2770 during the Asian hours on Friday. The GBP/USD pair receives a boost from the hawkish stance of the Bank of England (BoE).

As anticipated, the BoE opted to maintain the interest rates at 5.25% during Thursday’s decision. BoE Governor Andrew Bailey remarked that there is still some distance to cover before inflation aligns with its target, contributing to the overall hawkish sentiment. Investors await Purchasing Managers Index (PMI) data from both nations on Friday. Read more…

GBP/USD consolidates gains around the mid-1.2700s ahead of UK, US PMI data

The GBP/USD pair consolidates its gains around 1.2755 after retracing from 1.2793, the highest level since August during the early Asian session on Friday. The hawkish bias from the Bank of England (BoE) lends some support to the British Pound and lifts the GBP/USD pair.

As widely expected, the BoE decided to keep interest rates steady at a 15-year high of 5.25% on Thursday. The BoE governor, Andrew Bailey, said that there was still some way to go before inflation hit its target. Bailey further stated that the central bank will continue to monitor the data closely and take the decisions necessary to bring inflation back to 2%. The BoE’s guidance contrasted with the dovish remarks from the Federal Reserve (Fed), which boost the British Pound (GBP) and act as a tailwind for the pair. Read more…