Pound Sterling surges against US Dollar ahead of US Trump-Harris battle

The Pound Sterling (GBP) performs strongly against its major peers at the start of the week, with investors also focusing on the Bank of England’s (BoE) monetary policy decision, which will be announced on Thursday.

The BoE is expected to cut interest rates by 25 basis points (bps) to 4.75%. Out of the nine-member led Monetary Policy Committee (MPC), seven members are expected to vote in favor of a rate reduction, while two are expected to support leaving interest rates unchanged at 5%. BoE external MPC member Catherine Mann is likely to be one of those who would support keeping rates stable. Read more…

GBP/USD Forecast: Pound Sterling struggles to hold above key technical level

After closing the fifth consecutive week in negative territory, GBP/USD opened with a bullish gap and rose toward 1.3000 early Monday. 

The broad-based selling pressure surrounding the US Dollar (USD) fuelled GBP/USD’s rally at the beginning of the week. The uncertainty surrounding the outcome of the US presidential election seems to be weighing on the USD, especially after betting site PredictIt has placed a 51% odd of a Kamala Harris win on Tuesday, marking the vice president’s first lead over Donald Trump since October 9. Read more…