BOE

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GBP/USD struggles to extend the advance from the start of the week as BoE Governor Bailey acknowledges that ‘inflation has come down faster than we expected a year ago.’

GBP/USD retraces the decline following the US election as the Bank of England (BoE) delivers a hawkish rate-cut.

The Bank of England (BoE) is expected to lower Bank Rate by 25bp in November.

GBPUSD Outlook: Following Trump’s victory, the US Dollar surged, pressuring the British pound toward October lows. The pound’s long-term uptrend above its 15-year consolidation faces a key test on Thursday with BOE and Fed policy decisions.

GBPUSD Forecast: The GBPUSD is rebounding after dovish sentiment from the UK’s falling inflation pushed it to the 1.30 support level, which aligns with a 15-year consolidation pattern. Is the rebound sustainable?

GBPUSD, Gold Forecast: The yearly UK CPI dropped fairly below the central bank’s 2% target at 1.7%, adding dovish sentiment on monetary policies. On the other hand, rising uncertainties direct gold back towards its record highs.

GBP/USD is at risk of breaking out of the narrow trading range it’s been sitting in over the past fortnight with the UK consumer price inflation (CPI) report for September released later in the session. With so much uncertainty regarding the signal from labour market data given poor response rates, this is the only UK data point that can still generate meaningful volatility in the pound.

GBPUSD Outlook: The significant breakout of GBPUSD from a 15-year consolidation has pushed it to fresh 2024 highs, surpassing the 1.34 mark.

By the end of the year, the markets are currently pricing in about two more quarter-point reductions, which would lower the base rate to 4.5%.

GBPUSD Outlook: GBPUSD is trading on bullish grounds ahead of the monetary policy decisions and outlooks of the Fed and Bank of England.