The Pound Sterling (GBP) extended its losing streak against the US Dollar (USD) into a fourth straight week, keeping GBP/USD undermined near two-month troughs.
Pound Sterling languished near two-month lows on renewed US Dollar demand. The UK/ US inflation data set to drive GBP/USD price action in the upcoming week. The daily technical setup points to more pain ahead for GBP/USD. The Pound Sterling extended its losing streak against the US Dollar into a fourth straight week, keeping GBP/USD undermined near two-month troughs.
On the other side, a raft of Bank of England policymakers also took up the rostrum during the week but failed to have little to no impact on the Pound Sterling even though they retained their hawkish stance. BoE Chief Economist Huw Pill said on Monday that it's still too early to declare inflation fully suppressed – still more work to be done. Deputy Governor Sarah Breeden said on Wednesday, My focus has shifted to thinking about how long rates need to remain at their current level.
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