GBP advances versus the U.S. dollar before of the upcoming Fed and-BoE policy meeting. The BoE is anticipated to leave rates steady
Key Points & Considerations
While the risk-off urge diminishes, the pound GBP appreciates versus the US greenback.
Due to concerns about a possible downturn, the Bank of England is anticipated to hold rates of interest steady.
A monetary policy that is consistent stance by the Bank of England will maintain the policy difference from the US Fed.
Amidst potential upside consequences to Gaza tensions, the pound’s value rebounds steeply as traders’ willingness to risk increases. Pound has risen versus the US greenback as the former suffers a sell-off prior to the Fed’s rate of interest announcement.
Markets are anticipating the (BoE) fiscal policy announcement on Wed. The GBPUSD unit is widely on edge as the Bank of England is projected to leave the interest rate constant at 5.25 percent. The reasons underlying the Bank;s stable gelding decision is rising fears of a recession for the nation’s economy. Price is well below the intended rate of 2 percent. Yet the prospects of price increases persisting are strong as the Middle East’s crisis worsens.
GBPUSD DAILY PERFROMABCE
British Pound/US Dollar Exchange Rate (GBPUSD)
▲
1.220.00 (0.19%)Update 31/10/2023 04:35:45
High 1.22000
Low 1.21363
Open 1.21630
Prev Close 1.21860
52Wk High1.31274 Since 7/13/2023-7.06%
52Wk Low1.18265 Since 3/7/20232.62%
20-Day Average 1.21692
200-Day Average1.26494
14-Day Rel Strength 42.84289
Key Levels
GBPUSD Pivot Points
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 1.2026 | 1.2058 | 1.2111 | 1.2142 | 1.2195 | 1.2226 | 1.2279 |
| Camarilla | 1.2186 | 1.2179 | 1.2171 | 1.2142 | 1.2171 | 1.2179 | 1.2186 |
| Woodie | 1.2037 | 1.2063 | 1.2121 | 1.2147 | 1.2205 | 1.2232 | 1.2289 |
| Fibonacci | 1.2058 | 1.2090 | 1.2110 | 1.2142 | 1.2174 | 1.2194 | 1.2226 |
| DeMark’s | – | – | 1.2126 | 1.2150 | 1.2211 | – |
forx
Technical Analysis
The English pound sterling might stay backed against the U.S. dollar in the days to come. Since technical signs show that all of the new selling activities are currently worn out. Yet data from the US Fed, the BoE, and the US job market are the primary barriers to a major rebound for the exchange rate.
For 5 successive trading times, the GBPUSD fluctuated in a tight range within the levels of 1.175 & 1.2069. Before holding near the mark of 1.2150.
In practice, the action foreshadows a powerful impending approach.
