Today, the British currency is trading under pressure, as market participants are concerned about the political situation in the UK amid Brexit. The GBP/USD pair retreated from 1.3340 and now is trading around 1.3310. The Bank of England report on the financial stability in the UK showed an upbeat data. Bank officials noted that they are trying to assess the real economic situation in the country, taking into account the risks related to the UK withdrawal from the EU. So far, the GDP is unlikely to slow down in the near future.
The market participants are waiting for the expiration of the deadline that the EU set for Theresa May. Now, the Prime Minister has to resolve the issue of the Irish border. As for the speech of the Bank of England Governor, Mark Carney did not give any comments on future inflation and the key interest rate. Carney is likely to reveals this information tomorrow. Therefore, currency strategists note that the British pound will be able to demonstrate growth against the US dollar.
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