Excluding second-tier safe-haven currencies, the pound sterling (GBP) is trading lower against its major currency peers on Friday. The British currency has come under pressure after the Bank of England (BoE) decided by a slim 5-4 majority to keep interest rates steady at 4%.
Five of the nine members of the Monetary Policy Committee (MPC) voted to keep interest rates at their current level, against the expected six. For the first time, Deputy Governor Sarah Breeden voted against the majority and joined other officials – Swati Dhingra, Dave Ramsden and Alan Taylor – in supporting a 25 basis point cut in lending rates.
In the monetary policy statement, the BOE warned that “weak demand could weigh on inflation over the medium term” and that “risks to persistent high inflation have become less pronounced recently”.
Meanwhile, BOE Governor Andrew Bailey reiterated that the monetary policy path remains in a negative direction. However, he clarified that officials would need to see “the downward path of inflation becomes more established” before cutting rates again. “Our rates are likely to continue to decline gradually,” Bailey said.
Signs of price pressures peaking in the United Kingdom (UK) are expected to raise expectations of another interest rate cut by the central bank this year.
price of pound sterling today
The table below shows the percentage changes of the British Pound (GBP) against the major currencies listed today. The British pound was the weakest against the Australian dollar.
| USD | EUR | gbp | JPY | scurvy | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.07% | 0.29% | 0.32% | -0.00% | -0.06% | 0.33% | 0.25% | |
| EUR | -0.07% | 0.21% | 0.25% | -0.07% | -0.13% | 0.25% | 0.17% | |
| gbp | -0.29% | -0.21% | 0.02% | -0.32% | -0.34% | 0.04% | -0.04% | |
| JPY | -0.32% | -0.25% | -0.02% | -0.28% | -0.35% | 0.01% | -0.05% | |
| scurvy | 0.00% | 0.07% | 0.32% | 0.28% | -0.06% | 0.32% | 0.25% | |
| AUD | 0.06% | 0.13% | 0.34% | 0.35% | 0.06% | 0.39% | 0.31% | |
| NZD | -0.33% | -0.25% | -0.04% | -0.01% | -0.32% | -0.39% | -0.08% | |
| CHF | -0.25% | -0.17% | 0.04% | 0.05% | -0.25% | -0.31% | 0.08% |
The heat map shows the percentage change of major currencies against each other. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you select British Pounds from the left column and move along the horizontal line to US Dollars, the percentage change displayed in the box will represent GBP (basis)/USD (quote).
Daily Digest Market Movers: Pound Sterling declines against US Dollar
- The pound sterling fell slightly against the US dollar (USD) during Friday’s European session, near 1.3110. The GBP/USD pair is facing pressure as the US dollar bounced back after Thursday’s decline.
- At the time of writing, the US Dollar Index (DXY), which tracks the value of the greenback against six major currencies, is trading marginally higher at around 99.80 after finding temporary support near 99.60.
- On Thursday, the US dollar fell after a report from Challenger, Gray & Christmas showed that artificial intelligence (AI) adoption by the United States (US) led to a significant decline in the overall workforce in October. According to the report, employers laid off 153,074 workers in October, the biggest reduction in the month in two decades. The figure was 183% higher than the number seen in September and 175% higher than the same month last year.
- Renewed US labor market concerns have led to a slight increase in investor expectations supporting more interest rate cuts by the Federal Reserve (Fed) this year.
- According to the CME FedWatch tool, the probability of the Fed cutting interest rates by 25 basis points (bps) at its December meeting to 3.50%-3.75% has increased to 67% from 62% seen on Wednesday.
- Historically, the impact of US challenger jobs data on the US dollar has been limited. However, its impact has been intensified in the wake of the ongoing US federal shutdown, which has become the longest in history.
Technical analysis: Pound sterling’s key support level is 1.3000
The pound sterling fell to near 1.3110 against the US dollar on Friday. GBP/USD p is at its six-month low around 1.3000 posted on Tuesday. The overall trend of the pair remains bearish as it trades below the 200-day exponential moving average (EMA), which is around 1.3265.
The 14-day Relative Strength Index (RSI) bounces back below 30.00 after being oversold. However, the overall momentum remains bearish.
Looking below, the April low near 1.2700 will act as a key support area. On the positive side, the October 28 high around 1.3370 will act as a major resistance.
economic indicators
boe interest rate decision
The Bank of England (BoE) announces its interest rate decisions at the end of its eight scheduled meetings each year. If the BOE is hawkish about the inflationary outlook for the economy and raises interest rates it is generally bullish for the Pound Sterling (GBP). Similarly, if the BoE takes a dovish stance on the UK economy and keeps interest rates unchanged, or cuts them, this is seen as bearish for the GBP.
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Last Release:
Thu Nov 06, 2025 12:00
frequency:
irregular
Real:
4%
Consensus:
4%
Of earlier:
4%
Source:
Bank of England
