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Market News GBP/USD falls to a two-week low amidst a stronger USD and lingers at the mid-1.1200s ahead of BoE meeting

GBP/USD falls to a two-week low amidst a stronger USD and lingers at the mid-1.1200s ahead of BoE meeting

GBP/USD falls to its lowest level in over a week on Thursday under robust USD buying. The Fed's hawkish stance drives up US bond yields and continues to strengthen the dollar. Technical selling below key support levels intensifies negative pressure ahead of the Bank of England.

Alina Haynes

2022-11-03

441

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During the first part of the European trading session on Thursday, the GBP/USD pair plunges to a one-and-a-half-week low close to the 1.1420 zone. The negative trend pushes current prices to a nearly two-week low in the vicinity of 1.1255, which is supported by robust follow-through US dollar purchasing demand.

Wednesday, the Federal Reserve maintained its hawkish posture and signaled that it will continue to raise interest rates to confront persistently high inflation. Fed Chair Jerome Powell stated in the post-meeting news conference that it was early to talk a pause in the rate-hiking cycle and that the terminal rate will be higher than anticipated. The likelihood of additional policy tightening by the US central bank causes a fresh increase in US Treasury bond yields and increases demand for the dollar.

In addition, the existing cautious market sentiment provides added support for the safe-haven dollar and contributes to the prevailing sentiment around the GBP/USD pair. In the meantime, the most recent decline could also be linked to some technical selling below the Asian session low in the vicinity of 1.1375. A subsequent breach of the 1.1350 support, or the 200-period SMA on the 4-hour chart, and the 1.1300 level might be viewed as a new negative trigger. In turn, this strengthens the likelihood of further losses.

However, investors may choose to stop from putting aggressive wagers and await the Bank of England's policy announcement, which is due to be released at 12:00 GMT. The Bank of England is anticipated to increase interest rates by 75 basis points. The British pound will be influenced by the latest Economic predictions and BoE Governor Andrew Bailey's remarks at the post-meeting press conference.

Later in the early North American session, traders will look to the US ISM Services PMI for direction. In addition to this, US bond yields and broader risk sentiment will increase USD demand. This may contribute further to the creation of short-term trading opportunities in the GBP/USD pair. Despite this, the technical configuration indicates that the path of least resistance for spot prices is down.