The GBP/USD continues to trade in positive territory after erasing Wednesday’s losses due to the US Federal Reserve holding rates unchanged, but speculators are not expecting further tightening by Jerome Powell and Co.
GBP/USD continues the positive trend, erasing Wednesday's losses following the Federal Reserve's decision. Bank of England votes 6-3 to hold rates unchanged at 5.25%, supporting GBP/USD rally toward 1.2222. Traders await Friday's US Nonfarm Payrolls report, with a potential impact on GBP/USD's current rally. Alongside that, the Bank of England followed suit, keeping rates at a 15-year high, maintaining the major exchanging hands at around 1.2200, gaining nearly 0.40%.
On the labor market front, unemployment claims rose above estimates and the prior reading, suggesting that although it remains hot, the jobs market begins to cool down. Given the backdrop, GBP/USD traders turn to Friday's US Nonfarm Payrolls October report. If figures show the jobs market remains hot, GBP buyers would be in a difficult position due to the extent of the major’s rally since Wednesday. The pair climbed more than 120 pips from Wednesday’s lows to current exchange rates.
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