Forex Analysis by Investing.com (Damian Nowiszewski) covering: British Pound US Dollar, US Dollar Index Futures. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com
Inflation data from the UK sparked speculation of more rate cuts by the BoE.With the pair near 1.30, traders are watching for a potential breakout towards support below 1.29.pair. These surprising figures might just push the Bank of England to execute another cut at its November meeting.
With all this in play, the GBP/USD pair could potentially drop below the key 1.30 support level, which could indicate further declines.Meanwhile, UK inflation at 1.7% year-over-year came in below the expected 1.9%, well below the BoE's inflation target. Goldman Sachs analysts also see UK interest rates slipping to 2.75% by November 2025, a small tweak from their last forecast.growth figures at only 1% year-over-year—well below the forecasted 1.4%—and there’s a stronger case for the BoE to be more aggressive.Right now, GBP/USD is hanging around the 1.30 mark, not making any bold moves.
As we move through the week, keeping tabs on these movements could uncover some exciting opportunities, particularly if global pressures tip the scales in favor of the US dollar.This article is written for informational purposes only; it does not constitute a solicitation, offer, advice, counsel or recommendation to invest as such it is not intended to incentivize the purchase of assets in any way.
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