GBPUSD fell below the daily trend support at 1.3280 which could lead to more pressure over the market. As we see from the chart, Intraday prices show resistance around 1.3325, where as long as the market holds below it, more of drop toward targets and supports 1.3160 and 1.3010 is likely.
GBP/USD has fallen to a two-month low following the Bank of England's interest rate decision as investors also digest Andy Burnham's victory in the Makerfield by-election.
GBPUSD currency pair recently broke the support zone between the support level 1.3300 (which stopped the previous impulse wave (3)) and the 61.8% Fibonacci correction of the primary ABC correction 2 from the end of March.
The Pound to New Zealand Dollar (GBP/NZD) exchange rate slipped on Thursday as stronger-than-expected New Zealand growth figures boosted the ‘Kiwi', while investors remained cautious ahead of major UK political and monetary policy events. At the time of writing, GBP/NZD was trading at NZ$2.2971, down more than 0.3% from the previous.
Pound Sterling Price News and Forecast: GBP/USD slides as hawkish Fed overshadows BoE hold
Michael Boutros, FOREX.com Senior Market Analyst, analyzes GBP/USD after the Bank of England held rates at 3.75% while the Federal Reserve adopted a more hawkish tone that strengthened the U.S. dollar. He explains how diverging central bank policies are influencing sterling, why key GBP/USD support levels are now under pressure, and what traders should watch as markets reprice the path of interest rates.
GBPUSD fell below the daily trend support at 1.3280 which could lead to more pressure over the market. As we see from the chart, Intraday prices show resistance around 1.3325, where as long as the market holds below it, more of drop toward targets and supports 1.3160 and 1.3010 is likely.
As the US-Iran truce remains intact beyond nine weeks, the US Dollar firmed with DXY at $100.62. EUR/USD defended $1.1476 support while GBP/USD advanced to $1.3239 with buyer interest.
The pound sterling barely reacted on Wednesday to weaker-than-expected UK inflation data. Investors preferred to take a wait-and-see approach ahead of today's labour market statistics and the Bank of England meeting.
The GBP/JPY pair has come under pressure after the Bank of Japan raised its policy rate to 1.0% on 16 June. The Bank of England is following the opposite path: at its 30 April meeting, the Monetary Policy Committee (MPC) voted 8–1 to keep the base rate at 3.75%, with one member advocating an increase to 4%.
GBP/USD has recovered from the two-month low of 1.3260 reached yesterday and is trading back above 1.3300. However, the recovery could prove limited given the broader fundamental backdrop.
The Pound to Dollar (GBP/USD) exchange rate came under renewed pressure on Thursday after the Federal Reserve signalled that US interest rates are likely to remain higher for longer, boosting the US Dollar across the board. At the time of writing, GBP/USD was trading at $1.3300, down almost 1% on the day as investors reacted to the.