GBP is rising steadily. Overview for 11.10.2023

The British pound sterling against the US dollar is confidently rebounding after a series of prolonged declines. The current GBPUSD exchange rate stands at 1.2290.

With investor confidence in taking risks gradually returning to the market, the GBP is moving away from its recent lows. It is worth remembering that that September marked the worst month for the British currency this year, with the GBP dropping to its lowest levels in six months. This decline was mainly due to investors reevaluating their previous assessments of the BoE's monetary policy prospects.

The Bank of England meeting minutes, published yesterday, did not reveal much. It is already clear that the British regulator will base its future interest rate decisions on the state of the economy. The potential for interest rate hikes appears rather limited.

Important data for the GBP is scheduled for release on Thursday. This includes the industrial production report, its components, and the GDP report for August.