The GBP/USD pair is seen oscillating in a narrow trading band below the 1.2100 mark and consolidating its recent losses to the lowest level since Marc
chart
The British Pound continues with its relative underperformance in the wake of the Bank of England's surprise move to pause its rat-hiking cycle in September. This was the first time since December 2021 that thefor economic growth in the July-September period to just 0.1% from the previous projection of 0.4% and provided little hints of its intention to raise rates any further.
Apart from the Fed's higher-for-longer interest rate narrative, a generally weaker risk tone is seen as another factor benefitting the Greenback's relative safe-haven status and weighing on the GBP/USD pair. The initial market reaction to the mixed Chinese PMIs and the passage of a US stopgap funding bill over the weekend turned out to be short-lived amid worries about economic headwinds stemming from rapidly rising borrowing costs.
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