The GBP/USD price tilted upwards even as concerns about the UK economy continued.
It rose to a high of 1.1140, which was the highest level since October 11 of this year ahead of the upcoming USFears about the collapse of the UK economy have been going on in the past few weeks. The challenge started when the new government unveiled its mini-budget that had over 45 billion in tax cuts. Since then, the government’s attempts to shift the tone have failed to appease investors.
The bank is under pressure to prevent a complete meltdown in the bond market. This situation worsened when the bank said that it would end the interventions on Friday of this week. A report by the FT then said that the bank had committed to some lenders to extend the facilities for a while. Some analysts believe that the bank will deliver an emergency 100 basis point hike before its official meeting in November.
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