Sterling has continued to look steady, helped along by a softer tone in the US dollar after the Fed decision. The pound’s move hasn’t been about a sudden burst of UK optimism as much as a lack of fresh UK negatives at the wrong moment. At home, the government’s push to cap ground rents has kept the political conversation pointed at housing and household costs. This feeds into the wider narrative around consumer pressure and policy choices as we wait for any Bank of England signals about how sticky inflation feels in early 2026.
GBP/USD: the past year
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