GBP/USD Declines Following Fed’s Decision

The British Pound (GBP) declined on Wednesday against the U.S. Dollar (USD) for the second consecutive day, after the Federal Reserve decided to maintain its current policy and expected two rate hikes in 2023.

The GBP/USD pair lost about 0.7% to reach the level of 1.3987.

This market the largest daily loss for the pair since the end of last April.

Since the beginning of June, the pair has maintained a mostly downward trend, losing 1.59% compared with its level at the end of May.

Meanwhile, the GBP/USD remains higher by 2.36% compared with its level by the end of last year.