GBP/USD Down for Second Day in Row

The British Pound (GBP) extended its losses against the rising U.S. Dollar (USD) for the second consecutive session.

The GBP/USD pair lost 0.38% to reach 1.3785, logging its largest single-day decline since August 26.

Markets are closely anticipating the upcoming policy meeting for the Bank of England (BoE) later this month, after recent remarks by Michael Saunders suggested the BoE might begin policy tightening and raising interest rates next year.

On the other hand, the Federal Reserve could be moving slowly towards tapering after a disappointing nonfarm payrolls report last week.