GBP/USD at lowest level since 2020

GBP/USD at lowest level since 2020

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Sterling drops to new lows against the US dollar.

Yesterday’s disappointing GDP figures from the UK have sent sterling into a decline today. With the data showing stunted growth in Q3, investors have begun to fret about the ability of the UK economy to rebound as strongly as hoped.

Across the pond, the headline rate of inflation reached a remarkable 30-year high of 6.2%, well beyond predictions, boosting the US dollar just as sterling encounters some strong headwinds. As a result, GBP/USD has dropped to its lowest level since December 2020.

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