GBP/USD: Further losses in store near term
The British pound (GBP) has significantly decreased due to increasing risk concerns and cautious remarks from Bank of England (BoE) Governor Andrew Bailey and policy planner Swati Dhingra regarding September's monetary policy decision. The GBP/USD pair is expected to face continued challenges due to policy differences between BoE and the Federal Reserve, which may persist if the Bank of England decides to pause its tightening policy.
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The British Pound (GBP), on the other hand, is undermined by the Bank of England (BoE) Governor Andrew Bailey's dovish signal on Wednesday
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On the downside, 1.2420 (static level from June) could be seen as next bearish target before 1.2400 if GBP/USD fails to reclaim 1.2500.
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BoE Governor Andrew Bailey conveyed to lawmakers on Wednesday that the central bank is nearing the conclusion of its series of interest rate hikes. However, he cautioned that borrowing costs could still see additional increases due to persistent high inflation.
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The bullish opening in Wall Street makes it difficult for the USD to continue to outperform its rivals and helps the pair hold its ground heading into the weekend.
