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GBP/USD Forecast: Pound Sterling tests key resistance, eyes on BoE
GBP/USD holds its ground and trades above 1.3350 after posting strong gains on Wednesday. Investors stay on the sidelines while waiting for the Bank of England (BoE) to announce monetary policy decisions.
The renewed selling pressure surrounding the US Dollar (USD) allowed GBP/USD to gather bullish momentum on Wednesday. US President Donald Trump’s renewed tariff threats revived concerns over the US economic outlook and weighed on the USD. Read more…
Pound under pressure ahead of Bank of England meeting
The GBP/USD pair climbed to 1.3355 on Thursday as markets braced for today’s Bank of England (BoE) meeting. Traders are closely watching two key factors: the voting split among Monetary Policy Committee (MPC) members and any signals regarding future rate moves.
The central bank is widely expected to cut interest rates by 25 basis points (bps) to 4.00%. However, there is speculation that some members, such as Swati Dingra or Alan Taylor, could push for a more aggressive 50 bps reduction, as seen in May. Should this occur, particularly if accompanied by a shift away from the BoE’s usual cautious tone, the pound could come under significant selling pressure. Read more…
