Sterling drops below 1.3350 against the US Dollar as market participants pivot toward the greenback ahead of the upcoming Federal Reserve policy decision.
The GBP/USD pair experienced downward pressure, falling below the 1.3350 support level to reach its lowest point since October 20. This decline is primarily driven by broad-based dollar strength as market participants adjust their positions in anticipation of the upcoming Federal Open Market Committee (FOMC) decision on Wednesday.
The decline was driven by traders buying back US Dollars ahead of the upcoming FOMC policy decision.
The Pound remained flat against the Euro during the same period, indicating the movement was specific to Dollar strength.
The Pound was flat against the Euro on Monday, with attention turning to the UK Budget and the Fed decision.
The British Pound fell to its lowest level since October 20 against the US Dollar on Monday as traders increased greenback positions. While Sterling remained flat against the Euro, the pair struggled to maintain support above the 1.3350 threshold ahead of Wednesday's Federal Open Market Committee meeting.
The decline was primarily driven by traders buying back US Dollars in anticipation of the Federal Open Market Committee (FOMC) decision scheduled for Wednesday.