Pound Sterling Price News and Forecast: GBP/USD hits fresh six-month low below 1.2250 on BoE’s surprise hold

FXStreet Team FXStreet

GBP/USD Forecast: Markets could ignore oversold conditions on a dovish BoE surprise

After rising above 1.2400 during the European trading hours on Wednesday, GBP/USD made a sharp U-turn and closed the day in negative territory. The pair extended its slide in the first half of the day on Thursday and touched its lowest level since early April below 1.2300.

The Federal Reserve left its policy rate unchanged at 5.25%-5.5% as forecast. The revised Summary of Projections confirmed that policymakers intend to hike the policy rate one more time in 2023. More importantly, the rate cut projection for 2024 got revised lower to 50 basis points (bps) from 100 bps. Hawkish dot plot provided a boost to the US Dollar (USD) and forced GBP/USD to stay under bearish pressure. Read more...

GBP/USD hits fresh six-month low below 1.2250 on BoE’s surprise hold

GBP/USD sees a fresh bout of selling pressure, hitting the lowest level since March this year, as the Pound Sterling feels the heat of the dovish Bank of England (BoE) interest rate decision.

Following the September meeting, the BoE decided to keep the benchmark interest rate steady at 5.25%, as against market expectations of a 25 basis points (bps) hike to 5.50%. However, industry experts and analysts had begun pricing chances of a status quo after the unexpected fall in the UK inflation data for August. Read more...

GBP/USD

Overview
Today last price	1.228
Today Daily Change	-0.0064
Today Daily Change %	-0.52
Today daily open	1.2344

Trends
Daily SMA20	1.2523
Daily SMA50	1.27
Daily SMA100	1.2649
Daily SMA200	1.2433

Levels
Previous Daily High	1.2421
Previous Daily Low	1.2332
Previous Weekly High	1.2548
Previous Weekly Low	1.2379
Previous Monthly High	1.2841
Previous Monthly Low	1.2548
Daily Fibonacci 38.2%	1.2366
Daily Fibonacci 61.8%	1.2387
Daily Pivot Point S1	1.231
Daily Pivot Point S2	1.2277
Daily Pivot Point S3	1.2221
Daily Pivot Point R1	1.24
Daily Pivot Point R2	1.2455
Daily Pivot Point R3	1.2489

Author

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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