Fundamental Market Analysis for November 11, 2025 GPBUSDBritish Pound/US DollarSAXO:GBPUSDFresh-Forexcast2004Event to watch today: 09:00 EET. GBP - Unemployment Rate GBPUSD: Sterling trades around 1.31600–1.31700 after early-week losses: progress on resolving the U.S. budget issue supports the dollar while narrowing the scope for a GBP rebound. Additional pressure comes from domestic U.K. discussions about the need for fiscal consolidation and prospects for new tax measures, which heighten investor caution toward growth. Against this backdrop, the pair retains a downside bias from 1.31650. From a monetary perspective, the U.K. still faces the likelihood of further policy easing in 2026 amid cooling activity and softer price pressures. This tempers the pound’s appeal versus the dollar, which in the near term benefits from clarity on budget risks and a potential increase in Treasury supply without the threat of a technical default. The market is unlikely to quickly overturn its cautious stance: the combination of fiscal restraint in Britain and normalization in the U.S. fundamentally favors USD strength against GBP. Absent fresh positive surprises from the U.K., the base case is a gradual move toward the 1.31 area and lower. Trading recommendation: SELL 1.31650, SL 1.32150, TP 1.30950