The pound sterling continues to rise according to daily market readings, supported by the Federal Reserve’s decision to keep interest rates unchanged for the third meeting in a row, as was expected and before the issuance of monetary policy decisions after the last regular meeting of the Bank of England in 2023.

 

The pound rose against the dollar by 0.3% to $1.2653, in addition to ending its trading yesterday against the dollar, up by 0.45%, in the third daily gain.
It is widely expected that the Bank of England will announce today, Thursday, that the interest rate will be fixed without any change at the 5.25% range, the highest level since 2008, for the third meeting in a row.
As for the dollar, with the announcement of stabilizing interest rates and the end of the current cycle of raising interest rates, in addition to the indication of the start of discussions on reducing interest rates during the year 2024 and the gradual exit from strict monetary policies, the dollar index decreased by 0.5%, recording the lowest level in four months.

The technical analysis generally indicates a continuation of the gradual upward movement on the daily time frame, with new lows at the 1.253 levels.
According to the Relative Strength Index, we notice that it is moving higher above the 50 level, in line with the MACD indicator, which continues to move upwards above zero levels, indicating the possibility of a positive intersection occurring if it manages to continue forming a higher peak than the previous one.

*All data provided is intended for educational or informational purposes only and should not be considered investment advice.