British Pound Update: GBP/USD Is in a Bear Market Before The BoE

 

Prices, Charts, and Analysis of GBP/USD 
  • Since 1995, the most significant increase has been a 50bp rise.
  • S&P Global/CIPS Services PMI fell short of initial projections.
  • The US Dollar gets a small bid.

To combat the rising inflation, the Bank of England is anticipated to raise interest rates for the sixth straight meeting on Thursday. The Bank Rate is expected to climb by 50 basis points, which would be the most significant increase since 1995. The UK borrowing rate would reach 1.75 percent, a 14-year high, with a 50bp increase. The Bank of England has said they anticipate double-digit UK inflation by the end of Q3 and the beginning of Q4. According to a recent National Institute of Economic and Social Research (NIESR) analysis, UK inflation would reach 11%. The country’s central bank would need to raise the Bank Rate to 3% to curb price pressures.

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