GBP Could Face Selling Pressure: Overview for November 01, 2023

<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/GBPUSD_13-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="GBP/USD analysis today" decoding="async" style="margin-bottom: 15px;" loading="lazy" /></div><p>The <a href="https://roboforex.com/beginners/info/charts/forex/gbpusd/" data-internallinksmanager029f6b8e52c="36" title="GBP/USD">GBP/USD</a> pair is resuming its descent.</p>

<p>The British pound, paired with the US dollar, is on a downward trajectory. The current GBP/USD exchange rate is at 1.2136.</p>

<p>A recent report from a British retail trade consortium reveals that <a href="https://blog.roboforex.com/blog/2022/06/30/what-is-inflation-reasons-and-consequences/" data-internallinksmanager029f6b8e52c="220" title="Inflation">inflation</a> in UK stores is on a declining path. In September, the inflation rate reached 5.2%, marking the fifth consecutive month of decline. The last time such a low level was recorded was back in August 2022.</p>

<p>The report underscores that one of the key factors contributing to this downward price trend is the reduction in mark-<a href="https://roboforex.com/beginners/info/charts/stocks/UPS/" data-internallinksmanager029f6b8e52c="277" title="United Parcel Service Inc">ups</a> on domestically grown food products.</p>

<p>A year ago, the overall inflation in the UK stood at 11%, marking a 41-year high. Since then, prices have been on a steady decline and have now reached 6.7%.</p>

<p>While the reduction in consumer-level inflationary pressure is a positive sign for the pound, investors may not give it much attention in the near future as the focus shifts to the Federal Reserve's meeting and the release of the <a href="https://blog.roboforex.com/blog/2019/10/15/trading-news-how-to-make-money-on-non-farm-payrolls/" data-internallinksmanager029f6b8e52c="88" title="Nonfarm Payrolls">NFP</a> employment report in the US for October on Friday.</p>

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<a href="https://my.roboforex.com/en/register/">Open Trading Account</a></p><p>The post <a rel="nofollow" href="https://blog.roboforex.com/blog/2023/11/01/gbp-could-face-selling-pressure-overview-for-november-01-2023/">GBP Could Face Selling Pressure: Overview for November 01, 2023</a> appeared first at <a rel="nofollow" href="https://blog.roboforex.com">R Blog – RoboForex</a>.</p>