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GBP/USD forecast: US Mid-terms, NFP and BoE put cable in sharp focus

The US dollar has been a standout loser in the FX space today. A Democrat-controlled Congress is widely seen as being at least mildly negative for the dollar, partly because of the potential implications for the AI investment story and partly because of the risk of another prolonged government funding standoff, potentially from next summer. This has allowed the likes of the GBP/USD to rally alongside gold and silver.

Fawad Razaqzada
Fawad Razaqzada

GBP/USD outlook: Currency Pair of the Week | November 2, 2026

The GBP/USD heads into a crowded week of event risk, with the midterm elections, a Bank of England rate decision and Friday's non-farm payrolls report all capable of moving markets sharply. The greenback remains fundamentally well supported by a hawkish Federal Reserve, but much of that is already priced in, while the renewed sell-off in technology stocks has exposed its vulnerability.

Fawad Razaqzada
Fawad Razaqzada

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