The GBP/USD pair is currently maintaining a range level, reaching its lowest point since March 16th. It is currently trading at 1.206 as the US Dollar (USD) remains strong, standing near a 10-month high due to the Federal Reserve's (Fed) hawkish stance. This strength in the USD has become the main factor affecting and hindering the GBP/USD pair.
At the same time, concerns about economic headwinds caused by rapidly increasing borrowing costs have led to a prolonged sell-off in US fixed income markets. As a result, investors are becoming less interested in riskier assets and are favoring safer options like the greenback.
Additionally, the surprise decision made by The Bank of England (BoE) to suspend certain activities in September has also had an impact on the British Pound (GBP), contributing to keeping a cap on its value against USD.
Overall, these factors have resulted in an ongoing struggle for stability and growth within this currency pair.
At the same time, concerns about economic headwinds caused by rapidly increasing borrowing costs have led to a prolonged sell-off in US fixed income markets. As a result, investors are becoming less interested in riskier assets and are favoring safer options like the greenback.
Additionally, the surprise decision made by The Bank of England (BoE) to suspend certain activities in September has also had an impact on the British Pound (GBP), contributing to keeping a cap on its value against USD.
Overall, these factors have resulted in an ongoing struggle for stability and growth within this currency pair.
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