GBPUSD

Despite the Federal Reserve's quarter-point rate cut, the US dollar index saw a strong rise due to the upward revision of future inflation expectations and the reduction in rate cut projections. This increase in the dollar index led to a significant decline in the GBPUSD pair. In addition to the expectation that the Bank of England will keep its interest rate decision constant, upcoming economic data from the US may also impact the pair's trajectory. Notably, the BoE interest rate decision from the UK and Q3 growth data from the US are on investors' radar.

Technically, when examined on the 1-hour chart, the GBPUSD pair is trading below the 1.261 and 1.2665 resistance levels. In downward movements, the levels of 1.2565 and 1.2525 can be monitored as support. The pair is trading at around 1.25870, showing a daily decline of 0.12%. The RSI indicator is at 42, presenting a negative outlook. This suggests that the pair may remain under short-term pressure. As long as it stays below 1.2718, the possibility of continuing the downtrend should be considered.