BOE VS FOMC Meeting – Where is GBP/USD Headed This Week?

<p>&nbsp;The price movement on the chart of the GBP/USD currency pair is seen to be still in a bearish trend until the last trading session last week.</p><p><br /></p><p>After plunging 100 pips last Thursday to reach the 1.24000 level, the price tried to make gains in the Asian session on Friday, but was stuck lower below 1.24000 until the end of the New York session.</p><p><br /></p><p>Price movement below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the GBP/USD chart remained until the early opening of the week and prices slowed below the 1.24000 level.</p><p><br /></p><p>In addition to the FOMC meeting, the central bank of England (BOE) will also hold its meeting with interest rates expected to be raised to 5.50%.</p><p><br /></p><p>Ahead of Thursday's BOE meeting, UK inflation data will be scrutinized first on Wednesday.</p><p><br /></p><p>Meanwhile, the Federal Reserve (Fed) is expected to maintain the interest rate at 5.50%. But more focused is the follow-up speech by Fed Chairman Jerome Powell.</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>If the price on the GBP/USD chart continues the previous bearish pattern, the price decline is expected to continue further to record the latest low.</p><p><br /></p><p>The closest concentration level seen at 1.23000 is about to be tested by the price after the last time the price tested it in last May's trading.</p><p><br /></p><p>However, investors remain wary if the situation changes and sees prices surge again this week.</p><p><br /></p><p>If the price makes a rally past the MA50 barrier, the 1.25000 level will become a target to reach with the trend reversal signal.</p><p><br /></p><p>And if the resistance of 1.25000 is also successfully breached, a higher increase will push the price to reach the previous concentration level around 1.26000.</p>