The pound takes advantage of dollar's weakness
Fed Chairman Jerome Powell's comments give reason to believe that the Fed will slow its interest rate hikes. Forecasts indicate that the regulator could reduce its rate increase as soon as its December meeting. With this news, the dollar is showing weakness relative to other world majors. Meanwhile, the Bank of England intends to continue tightening its monetary policy to combat inflation. In such a scenario, the GBP/USD pair could continue to rise.
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