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The British pound sterling is showing no signs of slowing down its upward momentum against the US dollar, reaching a fifteen-month high.

Currently, the GBP/USD pair stands at 1.3000. This surge in the pound can be attributed to the weakening of the US dollar, along with other factors that have contributed to the recent rise in GBP rates.

Fundamentally, the pound draws support from the Bank of England's strategy of increasing interest rates. Unlike other major economies, the UK is experiencing a continuous rise in inflation. To counteract this price pressure, the Bank of England views tightening monetary policy as an effective tool.

As long as interest rates continue to rise, the pound is expected to maintain its upward trajectory within the ascending channel.

In today's trading, it is important to keep an eye on the release of industrial production data in the UK, as it may have an impact on GBP performance.

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The post GBP Continues to Soar - Overview for July 13, 2023 appeared first at R Blog - RoboForex.

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By: Anna Rostova
Title: GBP Continues to Soar - Overview for July 13, 2023
Sourced From: blog.roboforex.com/blog/2023/07/13/gbp-continues-to-soar-overview-for-july-13-2023/
Published Date: Thu, 13 Jul 2023 08:08:59 +0000

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