GBP Poised for Breakout as Fed and BoE Meetings Loom
The British Pound (GBP) is maintaining its long-running support with its weekly opening range intact ahead of key economic releases. According to Michael Boutros, Senior Technical Strategist at StoneX Media, sterling's technical outlook remains crucial as markets anticipate the Federal Reserve and Bank of England meetings.
Recent UK employment data showed unemployment holding steady at 4.9%, a five-year high, with the claimant count contributing to a softening labor market. Meanwhile, inflation is expected to tick higher on both headline and core readings.
The Summary of Economic Projections and dot plot, alongside the Monetary Policy Committee vote count, carry significant weight in determining future policy direction. With markets pricing in a Federal Reserve move at this meeting and another before year-end, the GBP/USD pair is poised for a potential breakout.