GBP/USD battles 1.2300 ahead of BoE interest rate decision

Hello dear friends! Today, GBP/USD is currently battling at the level of 1.2300, marking the lowest point in 5 months of trading in Europe on Thursday. This currency pair is weighed down by the hawkish stance of the Fed and the possibility of the BoE pausing its interest rate hikes, following the unexpected drop in inflation in the UK and the SNB's surprising decision to keep interest rates unchanged.

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The US Dollar Index (DXY), which measures the Greenback's performance against six other major currencies, extends its gains and trades at a six-month high of around 105.50.

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