GBP/USD moves below 1.2500 ahead of BoE policy decision
09.05.2024, 05:24

GBP/USD moves below 1.2500 ahead of BoE policy decision

  • GBP/USD extends losses ahead of the interest rate decision by BoE on Thursday.
  • BoE is expected to maintain its policy rate at 5.25% until September.
  • The US Dollar is strengthening on the expectations of the Fed keeping higher rates for an extended period.

GBP/USD extends its losing streak for the third successive session, trading around 1.2490 during the Asian session on Thursday. Thursday brings the Bank of England (BoE) interest rate decision, with expectations of maintaining interest rate at 5.25%.

Investor expectations regarding potential interest rate cuts by the Bank of England (BoE) have been delayed until September, amid concerns about strong wage growth in the United Kingdom (UK). This wage growth is contributing to core inflation, which is the central bank's preferred inflation measure. The annual inflation rate dropped to 3.2% in March, down from 3.4% in February. However, it stayed slightly above the market expectation of 3.1%. This marked the lowest rate since September 2021.

Across the pond, the US Dollar (USD) is gaining ground due to the expectations of the Federal Reserve (Fed) maintaining higher interest rates. Additionally, the higher US Treasury yields support for the US Dollar (USD), undermining the GBP/USD pair.

From the Federal Reserve (Fed), Boston Fed President Susan Collins emphasized on Wednesday the importance of a period of moderation in the US economy to achieve the central bank's 2% inflation target. On Tuesday, Minneapolis Fed President Neel Kashkari said that the prevailing expectation is for rates to stay unchanged for a considerable period, as per Reuters reports.

GBP/USD

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

 

 

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