The GBP/USD pair is on an upward trajectory, eyeing a five-month high.
The British pound sterling continues its ascent against the US dollar, with the current GBP/USD rate reaching 1.2765.
Defying market signals, the pound is strengthening, buoyed by the optimism surrounding recent mortgage cost reductions. Bank of England governor Andrew Bailey anticipates a prolonged effect of these reductions, citing substantial changes in interest rates that have occurred over the past few months, leading to a decline in mortgage expenses.
Bailey goes beyond discussing monetary policy prospects, emphasizing the importance of focusing on the market itself.