The Pound Sterling (GBP) drops as investors turn risk-averse amid upside risks to Middle East tensions and anxiety ahead of the interest rate decision by the Bank of England (BoE).
Pound Sterling retreats as market sentiment dampens due to Israel-Palestine conflicts. The BoE is expected to keep interest rates unchanged to due to potential slowdown fears. A steady monetary policy decision from the BoE will keep policy divergence with the Fed intact. The GBP/USD pair faces selling pressure as the BoE is expected to keep interest rates unchanged at 5.25%, which will keep policy divergence with the Federal Reserve intact.
Meanwhile, higher US long-term bond yields have tightened financial conditions, doing the Fed’s job effectively. Apart from the Fed’s monetary policy, the US Dollar Index will dance to the tunes of the private payrolls and the ISM Manufacturing PMI data for September, which will be published on Wednesday. Technical Analysis: Pound Sterling corrects from four-day high Pound Sterling falls sharply from a four-day high around 1.
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