GBP/USD Weekly Forecast

In the last five days of trading, the GBP/USD saw another week of wild results, and it's likely to continue.

GBP/USD hit 1.14950 on October 4 and 5. Traders may think the "turnaround" of the Tory government under Liz Truss is to blame, but they may be wrong. The U.K. government abandoned their tax program after unfavorable press. Prime Minister Liz Truss reversed her position in a few days. Financial institutions were unhappy.

GBP/USD will open at 1.10900 this week. Before last week's weekend, the GBP/USD traded comfortably near 1.12100. Then, a better-than-expected U.S. jobs data shifted markets again.

Leadership and confusing interest rates are causing problems.

The U.K. government changed its economic policies early last week, and financial firms thought the Federal Reserve would moderate its discourse about interest rates. GBP/USD rose. Global stock market indices rose early last week, offering some hope. On Friday, U.S. Fed comments and better-than-expected jobs statistics boosted the USD.

The fact that Crude Oil rose last week and is again over $90.00 USD "damaged" the concept that inflation will suddenly reduce.

People are growing used to the U.S. Federal Reserve raising interest rates by 0.75 percent in November.

Inflation and rising oil costs continue to plague the GBP/USD exchange rate.

Technical traders may want to scream, but inflation is still a major issue. Inflation will continue to hurt the U.K. and global economies.

Crude oil has risen for roughly eight trade days. Inflation raises interest rates. At the start of the week, the GBP/USD reached levels observed on September 21, but fundamentals made financial houses anxious, thus selling ensued.

Trading next week may be more volatile. GBP/USD fell only before the weekend.

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