✂ The pound is under pressure for the second day as Bank of England considers rate cuts. GBPUSD plunges below the key support.
This US dollar is gaining sharply across the FX market this week and this is especially apparent on the GBPUSD. The pound faces a series of risks from Brexit negotiations through covid restrictions through rate cuts. Andrew Bailey from Bank of England reiterated today that the Bank was looking hard at cutting rates and negative rates should be a part of the toolbox in UK. GBPUSD plunged below the key 1.2775 support as a result, sending a negative technical signal.
The pair is at the lowest level since late July and technically no longer in upwards trend.
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