GBP/USD Falls Further Below 1.1500 Due to USD Upside Correction

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GBP/USD has been ranging near 1.1500 after yesterday’s (Tuesday’s) choppy action, while the market was trying to adjust to the Fed’s policy decisions. Also, the larger than anticipated JOLTS job opening data for September, plus the mild upbeat in the ISMs, and the PMI study for last month (October) assisted the USD to recover from the downward forces during Tuesday. Subsequently, this prevented the GBP/USD from gaining upside strength.

Earlier today the GBP/USD pair strived to make a decisive move in either an upward or downward direction, as the United Kingdom’s FTSE 100 Index and United States stock index future trade generally constant on the day. By implication, this portrayed a cautious market stand.

GBP/USD Falls Further Below 1.1500 Due to USD Upside Correction

More Information about GBP/USD Possible Future Market Moves and Movers
The Federal Reserve is set to increase the policy rate by 75 basis points once more this month (November). However, this decision alone may not initiate any significant reaction, as market partakers remain focused on the United States Central Bank communique on next month’s (December) policy steps.

Raised anticipation concerning a lower 50 basis points Federal Reserve rate increase coming next, has made it hard for the United States dollar index to continue its rally over the past few weeks. Nevertheless, should the FOMC chairman notes that a 50 basis points increase will be presented during the last policy gathering for the year 2022, Wall Street major indexes may rise steeply and initiate USD selling during the American session. Consequently, this will supply some upside thrust to the GBP/USD pair.

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