The British Pound (GBP) has been on the road to recovery thanks to increased demand for assets with higher risk, but its ability to strengthen further is limited.
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The GBP/USD pair is trading near its recent low, below 1.2100, after the Bank of England surprised markets by pausing its interest rate hikes.
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The GBP/USD pair is under selling pressure, holding at approximately 1.2180 as the USD gains strength.
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GBP/USD continued its upward move towards 1.2250 early on Friday, with 1.2290 emerging as the next crucial resistance level. Market sentiment remains a key driver ahead of the weekend.
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The Bank of England has stopped its 14 consecutive interest rate hikes as new data reveals inflation is lower than anticipated.
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The Bank of England is widely anticipated to increase the bank rate by 25 basis points (bps) from 5.25% to 5.50% at 11:00 GMT, marking the highest level since 2007.
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In August, the United Kingdom experienced a 6.7% inflation rate, which was slightly lower than anticipated and showed a small decline from the previous month.
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The British Pound (GBP) is showing caution as the week begins, with investors feeling uncertain about the economic outlook in the UK.
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Cross-currency traders are speculating that the Bank of England (BoE) will implement a 25 basis point interest rate hike during the upcoming Thursday meeting.
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