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GBP/USD extends its losses for the second successive session, trading around 1.3620 during the Asian hours on Thursday. The pair weakens as the Pound Sterling (GBP) comes under pressure ahead of the Bank of England’s (BoE) interest rate decision later in the day. The BoE’s MPC is widely expected to keep policy unchanged in February, with little anticipated to alter longer-term fundamentals after a narrow 5–4 vote to cut rates by 25 bps in December. The GBP/USD pair depreciates as the US Dollar (USD) advances on hawkish signals from the Federal Reserve (Fed) and expectations of a slower pace of US rate cuts. Moreover, the implications of Kevin Warsh’s nomination as Fed chair is citing his preference for a smaller balance sheet and a less aggressive approach to rate reductions. However, US President Donald Trump said he would not have nominated Warsh if he favored rate hikes. Trump further stated that there was “not much” doubt the US central bank would lower rates because “we’re way high in interest,” but now “we’re a rich country again.” On data front, the ADP Employment Change showed private payrolls increased by just 22K in January, well below market expectations for a stronger 48K reading and 37K (revised from 41K) prior. The weak print carried extra weight given the postponement of official government data. Institute for Supply Management (ISM) remained unchanged in January, with the ISM Services PMI holding steady at 53.8. The print, however, came in above analysts’ expectations of 53.5. Pound Sterling FAQs The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022…

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Filed under: News - @ February 5, 2026 4:23 am