A split BoE votes on November 5 with the Pound near 1.34
The Euro dropped to a new low on the European Central Bank's (ECB) hold, and the Pound didn't, so GBP/USD is up more than EUR/USD. GBP/USD's session low, just under 1.3300, came before the ECB's decision, and it has climbed since ECB President Lagarde's press conference began.
The Bank of England (BoE) held its meeting on November 5, with the British Pound nearing a value of 1.34. Three out of the nine policymakers voted in favor of a rate hike in September. The Fed, ECB, and the Bank of Japan have all increased their rates in 2026. The BoE's Bank Rate remains at 3.75%, aligning with the lower bound of the Federal Reserve's 3.75%-4.00% range.
A Citi and YouGov survey showed Britons' expected inflation for the coming year at 4.2%, slightly lower than the previous 4.5%. GBP/USD slightly changed in response to this data. With a long-term expectation of 4.0%, a quarter-point hike on November 5 would shift the Bank Rate. The BoE's decision and quarterly Monetary Policy Report are scheduled for 12:00 GMT on November 5, followed by BoE Governor Bailey's speech at 12:30 GMT.
A majority vote for a hike would create a new rate gap for the UK in GBP/USD for the first time since December 2025.
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