Super Thursday - Today BoE and NFP will set the direction for GBPUSD and other Major Pairs including Gold.

The Federal Reserve raised the Federal Funds rate by 75bps to 3.75%-4% during its November 2022 meeting. BoE is expected to increase its interest rate by 75bps too on Thursday, 3rd November. On top of this, today the US Bureau of Labour Statistics is also going to release the crucial NFP data that will likely increase the volatility in the Market.

GBPUSD Chart Analysis

The GBP/USD chart shows that after dropping from the key resistance level at 1.1635, GBP is now trading just below the Pivot at 1.1438. There could be further weakness possible in the GBP as BOE delivers its rates decision today, only to be later followed up by the NFP data. It’s a Super Thursday event and there could be increased volatility. Traders could use Pull Back strategy and wait for the currency pair to retrace before entering any trade.

GBPUSD Chart Direction Bias – 1 Week

Trade Insights – GBPUSD

The chart shows viable short positions below the major pivot level at 1.1438 to first test the key support level at 1.1214. If GBP drops below the key support, then further short positions to test the support zone between 1.0047 to 1.0926.

Alternatively, Chart shows possible long positions above the major pivot level at 1.1438 with the first target of the key resistance level at 1.1635 and if GBP breaks through to the upside above the resistance level, then further long positions to test the Resistance zone between 1.1790 to 1.1860.

Mover and Shaker of the day – US100 or Nasdaq – 100

US100 or Nasdaq- 100 dropped by 3.39% or -382 points yesterday after the Feds interest rate decision.