The British currency continued to suffer from its central bank monetary policies as interest rates remained unchanged in the country, suggesting that the recession will remain a reality in England for an extended period.
A concerning budget deficit combined with weak economic data has been affecting the pound’s outlook as the Bank of England insists on its asset-purchase program which hasn’t been effective so far, as well as in all-time record low interest rates which decrease the appeal for the sterling in foreign-exchange markets.
GBP/USD bottomed at 1.5923 as of 22:21 GMT from a previous rate of 1.6036.
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