Sterling traded near a technical threshold in FXStreet’s analysis Monday as UK inflation remained elevated and the Bank of England’s recent rate increase kept policy in focus.
FXStreet put GBP/USD near 1.3385 at 1:53 a.m. ET (06:53 UTC). The outlet placed the 100-day simple moving average, a rolling chart measure, at 1.3395, with nearby support at 1.3355 and the next higher Bollinger Band level near 1.3490. ChartExchange separately lists 1.3386 as the Nov. 9 UTC high. FXStreet’s levels are technical estimates, and the outlet disclosed AI assistance in preparing its analysis.
On Thursday, Nov. 5, the Bank of England (BoE) raised Bank Rate by 0.25 percentage points to 4%. The Monetary Policy Committee (MPC) voted 8-1, with eight members supporting that increase and MPC member Catherine L Mann favoring a 0.5-percentage-point rise to 4.25%. The BoE said later rate decisions would depend on incoming evidence rather than a preset path. EconoTimes previously reported on sterling’s advance ahead of the Nov. 5 decision.
UK consumer prices rose 3.5% over the 12 months to September 2026, up from 3.1% in August 2026, according to the Office for National Statistics (ONS). The BoE’s November minutes put inflation at about 5% in the second quarter of 2027, as higher energy costs linked to the Middle East conflict added pressure. The minutes describe households and companies facing higher bills, while some businesses covered part of the increase themselves, leaving them with thinner profit margins. The MPC said it would monitor wage and price trends to judge whether the cost increase was spreading across the economy. The BoE also forecast UK real GDP growth of 1.6% in 2026 and 1.3% in 2027, compared with the Office for Budget Responsibility’s October projections of 1.2% and 1.0%, respectively.
The next UK inflation release is scheduled for Nov. 18, followed by the BoE’s next rate decision on Dec. 17.
