# GBP/USD forecast: US Mid-terms, NFP and BoE put cable in sharp focus

> The US dollar fell broadly after a Democratic win in the midterm elections, with sterling and gold rallying. Oil prices were also down about 3.5%, and markets are awaiting the Bank of England decision and Friday's US payrolls report.

- Date: 2026-11-04 · published 2026-11-04T21:09:13.124Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/80475-gbp-usd-forecast-us-mid-terms-nfp-and-boe-put-cable-in-sharp-focus
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A softer dollar and lower oil prices reduce US-denominated input costs for importers, while lower energy costs ease pressure on feed production expenses. The upcoming BoE and payrolls data add event risk to currency and commodity prices.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2020-08-30 | [Pound To Dollar Rate Forecast: Could A Dovish BoE Weigh On GBP/USD Rates This Week? \| Exchange Rates UK](https://feedsoft.ai/events/51866-pound-to-dollar-rate-forecast-could-a-dovish-boe-weigh-on-gbp-usd-rates-this.md) | +0.1% | +1.4% |
| DXY | 2026-07-31 | [AUD/USD, NZD/USD Forecast: US Dollar Vulnerable as Intervention Risks Linger \| Investing.com](https://feedsoft.ai/events/18594-aud-usd-nzd-usd-forecast-us-dollar-vulnerable-as-intervention-risks-linger.md) | -0.1% | -1.1% |
| DXY | 2024-08-02 | [Forecasting the Coming Week: Focus remains on data and rate cut bets](https://feedsoft.ai/events/9289-forecasting-the-coming-week-focus-remains-on-data-and-rate-cut-bets.md) | -0.3% | -1.3% |
| DXY | 2023-12-14 | [US Dollar Forecast: EUR/USD Rally Persists Following Fed and ECB](https://feedsoft.ai/events/8303-us-dollar-forecast-eur-usd-rally-persists-following-fed-and-ecb.md) | -1.3% | -1.3% |
| DXY | 2017-02-09 | [(LEAD) Dollar forecast to stay weak in short term \| Yonhap News Agency](https://feedsoft.ai/events/72748-lead-dollar-forecast-to-stay-weak-in-short-term-yonhap-news-agency.md) | +0.1% | +0.7% |
| WTI | 2026-06-01 | [Canadian Dollar falls despite solid jobs data as US NFP beat forecasts](https://feedsoft.ai/events/19480-canadian-dollar-falls-despite-solid-jobs-data-as-us-nfp-beat-forecasts.md) | +3.5% | -20.5% |
| WTI | 2021-11-30 | [USD/CAD retreats from two-month high amid weaker USD, Canadian GDP in focus: Analytics and Market news from 30 November 2021 12:04](https://feedsoft.ai/events/44265-usd-cad-retreats-from-two-month-high-amid-weaker-usd-canadian-gdp-in-focus.md) | -0.5% | +8.7% |
| WTI | 2016-12-22 | [Canadian dollar could drop to 65 cents US in 2017, Macquarie forecasts \| CBC News](https://feedsoft.ai/events/73704-canadian-dollar-could-drop-to-65-cents-us-in-2017-macquarie-forecasts-cbc-news.md) | +3.9% | +1.9% |

## Sources

- forex.com: https://www.forex.com/en/news-and-analysis/gbp-usd-forecast-us-mid-terms-nfp-and-boe-put-cable-in-sharp-focus/

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