Sterling trades higher at 1.3490 as US political shifts weigh on the Dollar, with market participants closely monitoring the Bank of England's next policy move.
GBP/USD trades near 1.3490 on 5 November, with the US Dollar softening after Democrats take control of the US Congress in midterm elections. The pair is described as holding a bullish bias above key support ahead of the BoE decision, supporting sterling over the near term, though the upcoming BoE decision is the main risk to that setup.
The US Dollar softened after Democrats took control of the US Congress in midterm elections, and GBP/USD trades near 1.3490.
The upcoming Bank of England decision is the key event ahead for the pair.
The GBP/USD pair maintains a bullish bias, trading near 1.3490 as the US Dollar weakens following the Democrats' control of the US Congress. Investors are now shifting their focus to the upcoming Bank of England policy decision, which remains the primary risk factor for the current trend.
The US Dollar softened after Democrats took control of the US Congress in midterm elections, and GBP/USD trades near 1.3490.
The upcoming Bank of England decision is the key event ahead for the pair.