The GBP/USD price remained under pressure during the Asian session as investors waited for the upcoming Bank of England (BoE) decision and US non-farm payrolls.
The Bank of England will conclude its two-day monetary policy meeting on Thursday. Economists, judging by recent words of Andrew Bailey, anticipate that the bank will hike interest rates by 0.5%. If the bank does this, it will be the biggest increase in more than 27 years.this year. It has hiked rates by 0.25% in all its meetings since December. Analyts believe that the rate hike will be balanced in nature since he bank is aiming to tighten without causing a recession.
UK’s economic data have been mixed. The labor market is strong while wage growth has continued well. On the other hand, consumer confidence has slipped to the lowest level in decades while inflation has surged to 9.4%, the highest point in over three decades.
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