Fundamental Market Analysis for November 9, 2026 GBPUSD
GBPUSD:
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The pound starts the week with support from the Bank of England's decision: the regulator raised the interest rate to 4%, and all nine committee members voted for tightening. One member had proposed a larger step. However, the regulator currently sees few signs that rising energy costs have translated into broader price and wage growth. The drop in oil prices amid Iran negotiations weakens the argument for an imminent further rate hike.
The US report provides the market with a fresh reason to reassess rate expectations. Average hourly earnings in the US rose by 0.4% month-on-month in October, and job growth significantly exceeded expectations. This combination strengthened expectations of a Fed rate hike in December. For the pound, this limits support from the UK decision, especially since the market has already reacted to it last week.
The pound may retain some of the morning recovery if improved sentiment in equity markets continues and demand for the dollar weakens. A sharper decline in energy prices could also support British assets through expectations of reduced pressure on household incomes. As long as the advantage remains with the dollar, the trade idea suggests a decline in GBPUSD.
Trade idea: SELL 1.3370, SL 1.3395, TP 1.3310