The British pound remained the worst performing currency against the greenback and slipped to a fresh monthly low of 1.5918, and the exchange rate may continue to push lower over the next few hours of trading as the Bank of England hold a cautious outlook for the economy. The GBP/USD has moved nearly 85% of its average true range and still has some room to push lower following the slump in risk appetite, and we may see the pair continue to search for a bottom over the following week as investors scale back long-term expectations for higher interest rates in the U.K. However, the overnight decline looks to be finding psychological support ahead of 1.5900, and we are likely to see the pound-dollar remain weighed as the reserve currency continues to benefit from safe haven flows.

Japanese Yen Continues to Outperform, British Pound Remains Worst Performing Currency
The British pound remained the worst performing currency against the greenback and slipped to a fresh monthly low of 1.5918, and the exchange rate may continue to push lower over the next few hours of trading as the Bank of England hold a cautious outlook for the economy. The GBP/USD has moved nearly 85% of its average true range and still has some room to push lower following the slump in risk appetite, and we may see the pair continue to search for a bottom over the following week as investors scale back long-term expectations for higher interest rates in the U.K. However, the overnight decline looks to be finding psychological support ahead of 1.5900, and we are likely to see the pound-dollar remain weighed as the reserve currency continues to benefit from safe haven flows.
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