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Forex

GBP/USD Slumps Near July Lows as Traders Await BoE Decision

Guavy AI Editorial Team
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USD GBP
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The British Pound is trading near its lowest level since July 30 as traders await the Bank of England's (BoE) rate decision. The pair, GBP/USD, has been in a bearish consolidation phase and currently trades around 1.3380-1.3375 region.

Despite expectations that the BoE will keep interest rates steady, market players are pricing in an 80% chance of a hike in November, which could provide some impetus to the GBP/USD pair.

The US Dollar (USD) has been supported by the Federal Reserve's hawkish stance and geopolitical risks, such as the ongoing US-Iran standoff. This has kept a lid on any meaningful recovery for the GBP/USD pair.

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