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All international money transfer servicesį is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Rates were increased for the fifth consecutive time in a row. The central bank increased interest rates by 25 basis points in June (bps). This represented the largest price increase in 40 years and was slightly higher than the 9.1% in May. The Bank of England is under more pressure to raise interest rates due to rising inflation. Consumer Price Index (CPI) inflation increased to 9.4% year over year (YoY) in June. According to PMI data, high inflation was harming new orders, and businesses were paying higher wages while passing the costs onto customers. The Bank of England (BoE) will be concerned by this development as it suggests that inflation may soon spiral out of control. According to data from the June Purchasing Managers' Index (PMI), the UK economy quickly lost momentum. The British economy shrank by 0.1% in March and another 0.3% in April. The pound has been declining as the UK economy's outlook shrinks and inflation increases due to sanctions against Russia, which have driven up energy prices, and the effects of quantitative easing during the Covid era. The GBP/USD exchange rate has progressively declined since rising to a five-year high of $1.4245 in May 2021. The outlook for the pound is getting worse due to UK inflation being high and still growing, the cost-of-living problem setting in, and declining growth. Since 2022, the British pound (GBP) has lost over 10% of its value against the US dollar (USD). The GBP is relatively weaker when the USD strengthens and vice versa. The US dollar (USD) greatly impacts the British pound (GBP). One of the world's oldest and most popular currency pairs is the pound-dollar. The pound frequently decreases as tensions between the UK and EU increase and vice versa. Brexit-related problems might last into 2022. The Northern Ireland border has been the central focus of the problems. Despite the UK exiting the European Union (EU) on December 31, 2020, Brexit issues are still evident in 2022. Brexit has made this particularly clear in recent years. UK politics significantly influences the British pound. The pound's value increased as the British economy recovered from the pandemic last year. The value of the pound typically increases when the UK economy grows. 
The best exchange rate for British Pound (GBP) per US Dollar (USD) was 0.8456 GBP on July 14, 2022, and the worst was 0.7293 GBP on Janauary 13, 2022.
According to CIBC Capital Markets, the GBP/USD exchange rate will decline in 2022 and then increase to 1.36 by the end of 2022.The average exchange rate in 2022 was 0.7831 GBP, and the current exchange rate is at 0.8267 GBP on August 16, 2022.
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