GBP Today: USD 1.35; Bank of England hearing and by-election costs this week are the focus

LootboxPhobia · 2026-02-23T21:41:41+00:00

This week's GBP movement was influenced by two key events: the Bank of England Governor's testimony and Thursday's by-election. Analysts predict that if the central bank hints at a rate cut, market expectations will rise, and a heavy defeat for the Labour Party could also suppress the pound, with EUR/GBP expected to approach 0.88.

LootboxPhobia

2026-02-23 21:41:41

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Investing.com - The GBP trend this week is highly watched, with two major key events approaching. As of 10:50 AM GMT on Monday, EUR/GBP is at 0.8734, down 0.05%, and GBP/USD is at 1.3510, up 0.19%.

The first event is the testimony of Bank of England Governor Andrew Bailey and Megan Green before the Treasury Committee on Tuesday.

ING analysts stated that if they reveal any signs of shifting towards a rate cut in the March 19 decision, it could cause the market to price in a 25 basis point cut instead of the current 20 basis points.

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The second risk event is the UK by-election held on Thursday in Gorton and Denton. ING said that if the ruling Labour Party suffers a heavy defeat, it could reignite speculation about Labour leadership and put further pressure on the pound.

ING expects EUR/GBP to likely approach 0.88 by the end of this week.

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