{"id":586086,"date":"2023-08-02T10:40:05","date_gmt":"2023-08-02T00:40:05","guid":{"rendered":"https:\/\/www.gomarkets.com\/?p=586086"},"modified":"2023-09-21T13:51:33","modified_gmt":"2023-09-21T03:51:33","slug":"bank-of-england-decision-could-send-the-pound-lower","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/articles\/central-banks\/bank-of-england-decision-could-send-the-pound-lower\/","title":{"rendered":"Bank of England Decision could send the Pound Lower"},"content":{"rendered":"<p>Since March 2023, the GBPUSD had been trading higher as the US Federal Reserve and the Bank of England (BoE) maintained along their path to continue raising rates, as they battled to bring inflation down to their 2-3% target level.<\/p>\n<p>As the DXY recovered in strength, this led the GBPUSD to reverse from the high of 1.3130, trading down toward the lower bound of the bullish channel, along the 1.28 price level. Although the Consumer Price Index (CPI) data in July had a signaled a slowdown of inflation growth to 7.9%, this is still well above the BoE\u2019s target level and significantly higher, compared to the other major economies.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-401972\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2023\/08\/GBPUSD_2023-08-01_22-21-54.png\" alt=\"\" width=\"1493\" height=\"893\" \/><\/p>\n<p>At the upcoming meeting on 3rd August, the BoE is expected to raise rates by 25bps, a fourteenth successive tightening, taking rates to 5.25% the highest since December 2007. However, it cannot be ruled out that the BoE could further surprise markets with a 50bps rate hike, similar to its actions in June.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-401971\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2023\/08\/GBPUSD_2023-08-01_23-04-50.png\" alt=\"\" width=\"1493\" height=\"893\" \/><\/p>\n<p>At the upcoming meeting on 3rd August, the BoE is expected to raise rates by 25bps, a fourteenth successive tightening, taking rates to 5.25% the highest since December 2007. However, it cannot be ruled out that the BoE could further surprise markets with a 50bps rate hike, similar to its actions in June.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-401973\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2023\/08\/cal-1.png\" alt=\"\" width=\"951\" height=\"450\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since March 2023, the GBPUSD had been trading higher as the US Federal Reserve and the Bank of England (BoE) maintained along their path to continue raising rates, as they battled to bring inflation down to their 2-3% target level. As the DXY recovered in strength, this led the GBPUSD to reverse from the high [&hellip;]<\/p>\n","protected":false},"author":85,"featured_media":586072,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2805],"tags":[],"class_list":["post-586086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-central-banks"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of England Decision could send the Pound Lower - Wixad<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gomarkets.com\/en\/articles\/central-banks\/bank-of-england-decision-could-send-the-pound-lower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of England Decision could send the Pound Lower - Wixad\" \/>\n<meta property=\"og:description\" content=\"Since March 2023, the GBPUSD had been trading higher as the US Federal Reserve and the Bank of England (BoE) maintained along their path to continue raising rates, as they battled to bring inflation down to their 2-3% target level. 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As the DXY recovered in strength, this led the GBPUSD to reverse from the high ","link":"https:\/\/www.gomarkets.com\/en\/articles\/shares-and-indices\/nasdaq-cements-its-best-start-to-a-year-since-1975\/","type":"previous","category":"shares-and-indices"},"category":{"slug":"central-banks"},"_links":{"self":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts\/586086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/users\/85"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/comments?post=586086"}],"version-history":[{"count":0,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/posts\/586086\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/media\/586072"}],"wp:attachment":[{"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/media?parent=586086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/categories?post=586086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gomarkets.com\/en\/wp-json\/wp\/v2\/tags?post=586086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}