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Dollar strength pushes down EUR/USD and GBP/USD, with Bank of England meeting in focus

The Bank of England is expected to raise rates today, but both EUR/USD and GBP/USD are moving lower in morning trading, while USD/JPY continues to move sideways.

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Forex United States dollar Pound sterling EUR/USD GBP/USD Euro
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD

The dollar has strengthened once again with EUR/USD, and this has put further downward pressure on the pair.

A move back to the October lows at $1.1524 now seems likely, with a firm bearish view still in place. Additional declines would target $1.1392, a key level back in 2020. A more bullish view requires a move back above late October’s high at $1.168.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD

Dollar strength is pushing GBP/USD lower, but there is the potential for a recovery should the Bank of England (BoE) prove to be more hawkish than expected.

Today could see heightened volatility around the interest rate decision and press conference, but with the rate increase so widely expected it could equally pass without much incident. The reversal from yesterday’s highs near $1.37 suggest a more bearish view prevails, with $1.355 and then $1.345 coming into view. Buyers will want to see a move back above $1.37 that then brings the late October highs around $1.384 into view.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

USD/JPY

Little change has been seen here, with USD/JPY continuing to move sideways as it has done for three weeks.

¥113.50 and ¥114.50 mark the lower and upper bounds of the trading range respectively.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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