The GBP/USD pair saw a slight increase at the beginning of the week, breaking a three-day losing streak that had pushed it down to 1.2600, its lowest level in two weeks.
This week is likely to be volatile, with both the Federal Reserve and the Bank of England expected to announce their monetary policy decisions, adding further tension to the forex markets.
Traders will be focused on the Fed's accompanying statement and the updated economic outlook, as Jerome Powell's remarks will offer signals on the future direction of U.S. interest rates.
While the Bank of England is taking a gradual approach to reducing interest rates, comments from Governor Andrew Bailey could negatively impact the performance of the British pound.
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