GBP/USD Forex Signal: Sterling Recoils Ahead of FOMC Decision
It dropped to a low of 1.1458, which was about 2% below the highest point last week. Still, this price is about 10% above the lowest level in September.The GBP/USD price pulled back after the latest UK house price data. According to Nationwide, house prices declined by 0.9% in October as mortgage rates and inflation rose. The average price dropped to £268,282 from the previous £272,259. The annual rate dropped from 9.5% to 7.2%.
These numbers came two days ahead of the upcoming interest rate decision by the Bank of England . Economists expect that the bank will hike rates by another 0.75% in a bid to fight the soaring inflation. The hawkish forecast was boosted by the latest American job openings and ISM manufacturing numbers that were published on Tuesday. According to the Labor Department, the number of vacancies increased from 10.2 million in August to over 10.7 million in September. That increase was higher than the median estimate of 10 million.
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