GBP Stuck in Losing Streak vs USD Amid Hawkish Fed and Dovish BoE

The British Pound (GBP) continues to struggle against the US Dollar (USD), weighed down by the Federal Reserve's (Fed) hawkish stance and a dovish Bank of England (BoE) decision.

Last week, the Fed raised its benchmark interest rate by 25 basis points (bps) to a 3.75%, 4.00% range, signaling more hikes in the coming months to combat inflation.

The BoE's on-hold decision has also undermined the GBP, contributing to the pair's decline below 1.3400 and leaving it poised for further losses against the USD.