GBP/USD Consolidates Below 1.2800 Ahead of Bank of England Policy Announcement
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#ceb5d66c ver:0.38
The GBP/USD currency pair is currently consolidating below the key resistance level of 1.2800 as traders await the Bank of England's (BoE) policy announcements. The pair reversed its direction after dipping below 1.2700 on Wednesday and closed the day higher, supported by the broad-based selling pressure on the US dollar. The BoE is widely expected to leave the policy rate unchanged at 5.25%. In contrast, the US Federal Reserve announced that it would maintain its policy rate steady at 5.25%-5.5%. The Fed's revised Summary of Economic Projections showed that policymakers were still forecasting a 75 basis point reduction in the policy rate in 2024. GBP/USD technical analysis indicates that 1.2800 is a key resistance level, with support at 1.2765 and 1.2750. Traders will closely monitor any ...
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