GBPUSD Is Keeping an Eye on Central Banks Meetings

GBPUSD still keeps an eye on the central bank’s meeting. The price sentiment is now keenly awaiting the resultant outcome from the BOE (Bank of England), Feds, and others before setting its course as the year runs out. Investors are looking forward to the Fed meeting on Wednesday. However, the Bank of England and Norway’s are set to be held on Thursday as the week continues to unfold. As the major concern is all about inflation, traders are more concerned about the outcome of the final rate decision of the year from both the BOE and Fed this week.

All Eyes on the Meetings

The GBPUSD gained more bids following the Monday opening. The October report rolls out with the monthly GDP and industrial and manufacturing index numbers. Although the unemployment rate is on the decline, the GDP report still shows the UK economy to be in a The United Kingdom’s GDP (gross domestic product) increased by 0.5 percent in October after falling by -0.6 percent every month in September. Manufacturing and industrial production are expected to decline by -0.2% and 0%, respectively. This also implies that the outcome of this week’s UK data could pose a great challenge in terms of inflation and rate hikes. Despite the recession, GBPUSD buyers may face difficulties as the US dollar strengthens.

However, the US stock futures went short on losses, and on the other hand, the Treasury filled up higher. As a result, the Cable Bears can remain optimistic in the coming days. As the new week plays out, traders and investors are set to keep an eye on Tuesday’s UK employment data report and the CPI (consumer price index). This will help give a clear and concise direction to the GBPUSD price playout as the year comes to an end. Before the BOE and Fed’s monetary policy meetings this week, traders would have noticed a clear trend. The bears need to be hopeful as these activities play out this week.

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