On Thursday morning, the pound rose as market mood improved and investor appetite for risk-sensitive assets such as the pound increased.
The GBP/USD price outlook for 2024 is challenging as there are numerous unknowns and uncertainties.
GBP/USD continues its winning streak that started last Thursday, and which has continued Tuesday this week.
After Monday’s uncertainty, markets remain volatile early Tuesday with investors being cautious ahead of this week’s key central bank meetings.
The pound fell as the Bank of England (BoE) Governor Andrew Bailey stressed that the interest rate hiking cycle was now close to an end.
The pound is vulnerable amidst elevated recession fears ahead of the Bank of England’s (BoE) next policy move on Thursday.
On Thursday, the UK central bank will announce its interest rate decision and is expected to deliver another 25 bps rate hike, raising rates to 4.75%.