# GBP/USD Price Forecast — GBP/USD (1.3423) Hits Highest Since Mid-September as BoE Hike to 4.00% Priced Above 90%

> GBP/USD rose to 1.3423, its highest level since mid-September, as the dollar index fell to 101.53 when crude oil dropped 6% on Iran's offer to reopen the Strait of Hormuz. Markets priced a Bank of England rate hike to 4.00% at above 90% odds after UK CPI reached 3.5%.

- Date: 2026-11-02 · published 2026-11-03T03:08:53.743Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/76889-gbp-usd-price-forecast-gbp-usd-1-3423-hits-highest-since-mid-september-as-boe
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A weaker dollar alongside a sharp fall in crude oil lowers the cost of US-priced commodities for non-dollar buyers and reduces energy-driven feed costs. The move is a currency and energy story with limited direct effect on feed grain prices.

## Read by commodity

- DXY: bearish ▼
- WTI: bearish ▼
- GBPUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2026-07-31 | [EUR/USD Price Forecast — Euro (1.1501) Holds 1.15 as Eurozone GDP Doubles Forecast at 0.4% and HICP Hits 2.9%](https://feedsoft.ai/events/18563-eur-usd-price-forecast-euro-1-1501-holds-1-15-as-eurozone-gdp-doubles-forecast.md) | -0.1% | -1.1% |
| DXY | 2025-06-26 | [Aussie highest since November as USD tumbles on Fed speculation](https://feedsoft.ai/events/24497-aussie-highest-since-november-as-usd-tumbles-on-fed-speculation.md) | -0.9% | -0.6% |
| DXY | 2026-07-30 | [CNY USD: Yuan Rises to Highest Since Early 2023 as Dollar Drops After Fed - Bloomberg](https://feedsoft.ai/events/18568-cny-usd-yuan-rises-to-highest-since-early-2023-as-dollar-drops-after-fed.md) | -1.2% | -1.9% |
| DXY | 2024-06-12 | [EUR/USD rallies above 1.0800 after soft US Inflation vitalize Fed rate-cut bets for September](https://feedsoft.ai/events/10801-eur-usd-rallies-above-1-0800-after-soft-us-inflation-vitalize-fed-rate-cut-bets.md) | -0.0% | -1.0% |
| DXY | 2025-05-23 | [Pound trades at highest since early 2022, boosted by unease over US assets](https://feedsoft.ai/events/24931-pound-trades-at-highest-since-early-2022-boosted-by-unease-over-us-assets.md) | -0.2% | -0.7% |
| WTI | 2020-03-30 | [USD/CAD climbs to daily highs above 1.4150 as WTI extends slide below $20 - Forex Crunch](https://feedsoft.ai/events/54357-usd-cad-climbs-to-daily-highs-above-1-4150-as-wti-extends-slide-below-20-forex.md) | +64.1% | -28.3% |
| WTI | 2020-07-30 | [USD/CAD jumps to weekly highs above 1.3450 on oil selloff — Octa](https://feedsoft.ai/events/52353-usd-cad-jumps-to-weekly-highs-above-1-3450-on-oil-selloff-octa.md) | +2.6% | +5.1% |
| WTI | 2022-09-21 | [WTI Falls as USD Spikes to 20-Year High after Fed Rate Hike](https://feedsoft.ai/events/39497-wti-falls-as-usd-spikes-to-20-year-high-after-fed-rate-hike.md) | -6.9% | -1.7% |

## Sources

- tradingnews.com: https://www.tradingnews.com/news/gbp-usd-13423-presses-200-day-resistence-as-uk-cpi-at-3-eprcent-locks-in-first-boe-hike-simnce-2023

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.