GBP/USD October low of 1.2037 will be the key support level

GBP/USD Forecast: Pound Sterling looks fragile ahead of Fed and BoE meetings

GBP/USD fluctuated in a narrow channel in the Asian session before retreating to the 1.2100 area in the European morning. The near-term technical outlook suggests that the bearish bias stays intact.

Over the weekend, the United Arab Emirates (UAE) requested a UN Security Council emergency meeting to discuss the situation in the Gaza Strip, asking “for an immediate ceasefire to ensure that civilians and civilian institutions are not targeted.” Read more…

GBP/USD: October low of 1.2037 will be the key support level – MUFG

Economists at MUFG Bank analyze GBP outlook ahead of the BoE announcement on Thursday.

The worsening economic data has been clear and will likely be clearly acknowledged by Governor Andrew Bailey in the press conference. We see this inevitable acknowledgement of weaker data and some evidence that the labour market conditions point to reduced wage inflation risks as helping to push yields lower. Read more…

GBP/USD: Trend momentum is weak, favouring more range trading – Scotiabank

GBP/USD is still finding support on dips below 1.21. Economists at Scotiabank analyze the pair’s outlook.

Trading may remain relatively quiet ahead of the BoE policy decision on Thursday. Markets expect policy to be left on hold but the GBP may see a minor bid if the voting shows a tight split among the nine policymakers. Read more…