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Market Analysis

GBPUSD Dips Below 1.2500 Before BoE Policy Announcement
Amos Simanungkalit · 12.2K Views

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GBP/USD continues its downward trend for the third consecutive session, hovering around 1.2490 during the Asian trading hours on Thursday. The Bank of England (BoE) is set to announce its interest rate decision today, widely expected to maintain the rate at 5.25%.


Expectations for potential interest rate cuts by the Bank of England have been pushed back to September, attributed to concerns over robust wage growth in the UK. This wage growth is fueling core inflation, the preferred inflation metric for the central bank. In March, the annual inflation rate dipped to 3.2%, slightly above market forecasts but marking the lowest rate since September 2021.


Meanwhile, the US Dollar is strengthening on anticipations of the Federal Reserve keeping interest rates elevated. Moreover, higher US Treasury yields are bolstering the dollar, weighing on the GBP/USD pair.


Boston Fed President Susan Collins underscored the need for a period of moderation in the US economy to achieve the central bank's 2% inflation target. Minneapolis Fed President Neel Kashkari echoed sentiments on Tuesday, indicating expectations for unchanged rates over an extended period, according to Reuters reports.

 

GBPUSD

 

OVERVIEW
Today last price 1.2491
Today Daily Change -0.0007
Today Daily Change % -0.06
Today daily open 1.2498
 
TRENDS
Daily SMA20 1.2482
Daily SMA50 1.2604
Daily SMA100 1.264
Daily SMA200 1.2545
 
LEVELS
Previous Daily High 1.2516
Previous Daily Low 1.2468
Previous Weekly High 1.2635
Previous Weekly Low 1.2466
Previous Monthly High 1.2709
Previous Monthly Low 1.23
Daily Fibonacci 38.2% 1.2486
Daily Fibonacci 61.8% 1.2497
Daily Pivot Point S1 1.2472
Daily Pivot Point S2 1.2446
Daily Pivot Point S3 1.2424
Daily Pivot Point R1 1.252
Daily Pivot Point R2 1.2542
Daily Pivot Point R3 1.2568

 

 


Paraphrasing text from "FX Street" all rights reserved by the original author.

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