The British Pound rallies on a UK growth upgrade and gives more than half back
Markets put a better than 80% chance on the Bank of England (BoE) raising the UK's Bank Rate from 3.75% on November 5, and GBP/USD still couldn't close above 1.3300.
The British Pound rallied after a UK growth upgrade, reaching above 1.3300, but then gave back more than half of its gains before the close. The second-quarter GDP was revised up, and the Bank of England (BoE) is expected to raise the Bank Rate from 3.75% on November 5. However, a strong US jobs report on Friday could widen the rate gap between the UK and US, potentially impacting the Pound Sterling's performance.
Brief written by urgent.news from FXStreet's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
