No significant events are expected today.

The GBP/USD pair is losing its recent gains from the previous session, declining as the U.S. dollar (USD) strengthens amid the rising “Trump Trade,” with polling data showing a preference for Republican candidate Donald Trump in the U.S. presidential election.

Polling data indicates a close race between Donald Trump and Kamala Harris, with Trump currently holding an advantage. On Kalshi, Trump leads Harris 57% to 43%, while on Polymarket, the gap is slightly wider: Trump has 60.7%, and Harris 39.5%. These figures reflect growing support for Trump as election day approaches, though the race remains competitive.

Early exit polls from Georgia, one of the first states to report data, suggest a preference for Republican candidate Donald Trump. According to preliminary figures, Trump leads the Democratic candidate Kamala Harris by 10%, although this estimate is based on less than 1% of votes counted, according to The Washington Post.

Preliminary exit poll results in Pennsylvania show an advantage for Harris, reports CBC News. With approximately 8% of expected votes counted, Kamala holds the majority at 71%. The state’s 19 electoral votes are at stake.

Traders are closely watching the upcoming Federal Reserve interest rate decision on Thursday, with widespread expectations of a 25-basis-point cut. The CME FedWatch Tool indicates a 96.4% probability of a quarter-point rate cut at the Fed’s November meeting, reflecting the market’s strong anticipation of a moderate rate reduction.

Regarding the British pound, the upcoming Bank of England (BoE) rate decision, also scheduled for Thursday, is expected to lead to another quarter-point rate cut. The BoE’s Monetary Policy Committee is expected to vote 7-2 in favor of lowering the main interest rate to 4.75% from the current 5.0%.

Recommendations: Primarily trade with Sell orders at the current price level.