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The position of the Bank of England may limit the pair's decline

The position of the Bank of England may limit the pair's decline | 03 October 2024

03 October 2024, GBP/USD

The position of the Bank of England may limit the pair's decline

GBPUSD:

The GBP/USD pair saw a further decline during the early Asian session on Thursday, reaching the 1.3265 level. The renewed demand for the US dollar (USD) amid rising geopolitical tensions in the Middle East provides some support for the major pair.

On Tuesday, Iran launched over 180 rockets at Israel, marking the largest direct strike on the country to date. Israel and the United States have vowed to take action in response to the attack. The conflict in the region is intensifying, with fears of a wider war boosting safe-haven flows and favouring the US dollar against the pound sterling (GBP).

The ADP US employment change data for September exceeded expectations, with 143,000 new jobs created. The figure exceeded the median forecast of 120,000 and the revised August figure of 103,000. On Friday, attention will shift to US employment data in search of new market-moving information.

Trading recommendation: Trading predominantly Sell y orders from the current price level.

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David Johnson
Analyst of «FreshForex» company
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