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GBP/USD flags more declines as BoE rate decision awaited GBP/USD has turned weekly gains into losses after a quiet week, slipping toward the 1.3600 level early on Thursday as traders’ position ahead of the Bank of England’s rate decision. The central bank is expected to leave rates unchanged, with markets focused on guidance over the duration of the pause and the scope for easing later in the year, despite still-elevated inflation. The policy decision comes as the pair is testing a key support near 1.3615 after resuming its pullback from the 4½-year high of 1.3868. A break lower could meet the 20-day SMA at 1.3565 and the 38.2% Fibonacci retracement of the November–January rally at 1.3540. Then, all the attention could shift to the crucial floor near 1.3500, where the 50- and 200-day SMAs and the rising trendline from November converge. Failure to pivot there would violate the upward trajectory from 1.3000. Read more… GBP/USD Price Forecast: Bears retain near-term control ahead of BoE rate decision The GBP/USD pair attracts follow-through sellers for the second straight day on Thursday and retreats further from its highest level since September 2021, around the 1.3870 region, touched last week. The downward trajectory is sponsored by a firmer US Dollar (USD) and drags spot prices to the 1.3600 neighborhood or a nearly two-week low during the early European session as traders await the Bank of England (BoE) policy update. The UK central bank is widely expected to leave the benchmark interest rates unchanged at 3.75% amid a rise in inflation, which remained above the BoE’s 2% target in December. Traders, however, are still pricing in the possibility that the BoE will lower borrowing costs in 2026 amid signs of a weakening labor market. In fact, the UK Unemployment rate remained at a four-year high of 5.1% in the…

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Filed under: News - @ February 5, 2026 11:29 am