GBP/USD plummets to two-week low amid stronger USD, hangs near mid-1.1200s ahead of BoE – by hareshmenghani GBPUSD Fed Bonds BOE Currencies
the European session. The downward trajectory drags spot prices to a nearly two-week low, around the 1.1255 region, and is sponsored by strong follow-through US dollar buying interest.
The Federal Reserve stuck to a more hawkish stance on Wednesday and indicated that it will continue to raise interest rates to combat stubbornly high inflation. In the post-meeting press conference, Fed Chairsaid that it was premature to discuss a pause in the rate-hiking cycle and that the terminal rate will still be higher than anticipated.
Apart from this, the prevalent cautious market mood offers additional support to the safe-haven buck and contributes to the offered tone surrounding the GBP/USD pair. Meanwhile, the latest leg down could further be attributed to some technical selling below the Asian session low, around the 1.1375 region. A subsequent break through the 1.1350 support, or the 200-period SMA on the 4-hour, and the 1.1300 mark could be seen as a fresh trigger for bearish traders.
That said, investors might refrain from placing aggressive bets and prefer to wait for the Bank of England policy decision, scheduled to be announced at 12:00 GMT. The UK central bank is expected to hike interest by 75 bps. Apart from this, the focus will be on the latest Economic projections and BoE Governor Andrew Bailey’s comments at the post-meeting press conference, which will influence the British pound.
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