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GBP/USD Plummets as Fed Rate Hike Bets Intensify

Guavy AI Editorial Team
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USD GBP
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The British Pound (GBP) has seen significant declines against the US Dollar (USD), reaching near the monthly low of 1.3480-1.3470 due to a broadly firmer USD.

The drop in GBP/USD was spurred by traders' expectations of possible rate hikes from the Federal Reserve (Fed) later this week, with nearly an 86.7% chance of a quarter-point rate hike priced into financial markets.

Meanwhile, attention will shift to the Bank of England's (BoE) interest rate decision on Thursday, which could provide some impetus to the GBP/USD pair and determine its next directional move.

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