GBP rises even higher. Overview for 13.07.2023
The British pound sterling does not stop the rally against the US dollar. The current GBPUSD quote is 1.3000.
The fall of the US dollar provided support for the pound and added to the list of triggers recently launching the rise in the GBP rate.
From the fundamental point of view, the pound relies on the interest rate hike strategy of the Bank of England. The UK is the only large economy where inflation continues to rise. For the Bank of England, an effective tool for fighting price pressure is to tighten the monetary policy. While the interest rate rises, the pound will remain in the ascending channel.
Today it’s worth paying attention to the release of industrial production data in the UK.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.