# GBP/USD Price Forecast: Holds a bullish bias above key support ahead of BoE decision

> GBP/USD traded near 1.3490 on Thursday morning as the US dollar softened after Democrats won control of both chambers of Congress in the midterm elections. Markets were also awaiting the Bank of England decision, with economists polled by Reuters expecting a rise in Bank Rate to 4% from 3.75%.

- Date: 2026-11-05 · published 2026-11-05T06:08:50.934Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/81169-gbp-usd-price-forecast-holds-a-bullish-bias-above-key-support-ahead-of-boe
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A weaker dollar and a likely BoE hike lift sterling, which changes the cost of dollar-priced commodities for UK-linked buyers. The effect on feed grain prices is indirect and small.

## Read by commodity

- DXY: 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 | 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 | 2020-11-05 | [Gold Price Analysis: XAU/USD steady near $1,950 after Fed’s decision — Octa](https://feedsoft.ai/events/50079-gold-price-analysis-xau-usd-steady-near-1-950-after-fed-s-decision-octa.md) | -0.8% | -2.9% |
| DXY | 2026-08-01 | [Japan intervenes to prop up yen ahead of BOJ policy decision, source says](https://feedsoft.ai/events/18580-japan-intervenes-to-prop-up-yen-ahead-of-boj-policy-decision-source-says.md) | -0.5% | -0.8% |
| DXY | 2019-03-20 | [South Africa’s rand gains ahead of Fed decision - Moneyweb](https://feedsoft.ai/events/60378-south-africa-s-rand-gains-ahead-of-fed-decision-moneyweb.md) | +0.4% | +0.4% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/gbp-usd-price-forecast-holds-a-bullish-bias-above-key-support-ahead-of-boe-decision-202611050534

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