Pound Sterling Price News and Forecast: GBP retreats further, US Dollar picks up with the Fed in the spotlight

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British Pound retreats further, US Dollar picks up with the Fed in the spotlight

The British Pound (GBP) extends its reversal from the five-week highs reached against the US Dollar (USD) last week, as investors trim USD short positions ahead of the Federal Reserve’s (Fed) monetary policy meeting, due on Wednesday. The GBP/USD pair hits session lows just below 1.3350, on Monday about 0.5% below last week’s peak, at 1.3419.

Market volatility remains at relatively low levels, as traders bide their time ahead of monetary policy decisions by the Fed and other central banks later this week, with the US Dollar showing a somewhat firmer stance than in the previous weeks. Read more...

GBP/USD at monthly peaks, but risks are growing

GBP/USD starts the final week of October at 1.3369, with the pound remaining near its highest level in a month. Investors are assessing a mixed set of macroeconomic data ahead of this week’s Budget and the Bank of England meeting on 5 November.

Preliminary PMIs showed UK private sector activity accelerating to its fastest pace since February, with manufacturing and services both performing better than expected. At the same time, September retail sales fell more sharply than forecast, while consumer confidence recorded its steepest monthly drop since the pandemic amid cost-of-living pressures and concerns related to the Middle East conflict. Read more...

GBP/USD Price Forecast: Needs decisive break above 1.3420 for fresh upside leg

The British Pound (GBP) gives back its early gains and flattens at around 1.3373 against the US Dollar (USD) during the European trading session on Monday. The GBP/USD pair flattens as the US Dollar recovers some of its early losses.

As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades marginally lower to near 101.70. Read more...

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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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