FX.co ★ Forecast for GBP/USD on November 2, 2023

GBP/USD

At the end of Wednesday, the pound closed at the opening level due to the neutral outcome of the Federal Reserve meeting. The pound tried to test the target support level at 1.2070. Now, when the quote surpasses the October 31st peak at 1.2199, it will open up the target range of 1.2271/87. Afterward, the price will need to gather strength to overcome the resistance of the MACD line around the 1.2322 mark.

Today, the Bank of England announces its decision on monetary policy. While no one in the market expects a change in this policy, investors may react to the distribution of votes in favor of keeping the rate. It is expected that 7 members of the committee will vote to maintain the rate, compared to the 5 who did so at the previous meeting. If 8 out of 9 members vote to keep the rate, then the pound is likely to rise.

On the 4-hour chart, the price has consolidated above both indicator lines, and the Marlin oscillator has entered the bullish territory. We expect the uptrend to remain intact.