Sterling struggles to maintain momentum as the GBP/USD pair retreats from 1.3300, even as markets price in an 80% chance of a Bank of England rate hike in early November.
The pound rallied on a UK growth upgrade but gave back more than half its gains and failed to close above 1.3300 despite high BoE rate hike expectations.
The British Pound failed to sustain gains above the 1.3300 level despite a positive UK growth upgrade and market pricing indicating an 80% probability of a Bank of England rate hike on November 5. The currency surrendered over half of its intraday gains, signaling underlying bearish sentiment among traders.
Despite strong expectations for a rate increase, the pair faces technical resistance at 1.3300 and has shown a tendency to give back gains, suggesting that the positive news is already priced in or overshadowed by broader market sentiment.