GBP/USD Technical Analysis: Price of Sterling is Still Weak

Despite the halt in the US dollar’s gains, the gains of the GBP/USD currency pair did not exceed the 1.2063 level and settled around the 1.2000 level at the beginning of this important week’s trading. This confirms that the British pound is still bearish pressure factors. The US dollar is still the strongest with expectations of raising interest rates and investors’ demand for it as a safe haven. In contrast, UK inflation is running at its fastest pace since the early 1980s. Therefore, the Bank of England has stuck to raising interest rates compared to its trans-Atlantic counterpart. And mounting labor and supply chain wounds left by Brexit.

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