The decision of the central bank of England (BOE) will be announced this Thursday following the FOMC meeting earlier in the morning.
The Federal Reserve (Fed) is expected to maintain its 75 principal interest rate hikes for the third time in a row.
Meanwhile, the BOE is expected to increase the profit rate by 50 basic points in the latest meeting, but investors are starting to be wary of any change in decisions by the central bank after the UK inflation rate readings published last week began to record a decline.
The Pound is still trading weakly against the US dollar in the moves presented last week continued earlier this week.
On the price chart the GBP/USD currency pair witnessed a continued decline last Friday having broken off the 1.14000 mark while recording the price's latest lowest level since 1985.
Closing the trade in the last session of last week saw the price rise slightly from that low to swing below the 1.14500 level which was the current hurdle for prices.
Continuing with the opening Asian session earlier this week, the price continues to move below the 1.145000 barrier and still hints at a bearish move where the price is below the resistance level of the 50 Moving Average (MA50) on the 1 hour time frame on the GBP/USD chart.
If the decline continues earlier in the week, the price's latest target is seen at around 1.13000 or lower towards 1.12000 for the price to continue to record 37 year lows.
On the other hand, if the price spike breaks through the 1.14500 barrier and also breaks the MA50 barrier, the traders will consider it as an early signal for a bullish trend change on the price chart.
The advance if it continues will head towards the 1.1600-1.16500 zone before resuming the advance to test the highs reached last week.
Next, the resistance zone at the height of 1.18000 will be the target of the price by perpetuating the movement of the bullish trend.
