Key events today:

18:45 UTC: USD – Bank of England Governor Andrew Bailey to deliver a speech.

On Tuesday, GBP/USD remained stable, hovering around the 1.3000 mark. Intraday price action tested a fresh nine-week low, and trading at the upper end failed to stay above 1.3000, resulting in short-term momentum settling in the middle range just below the key level.

Bank of England (BoE) Governor Andrew Bailey delivered the first of his four speeches scheduled for this week. Bailey mainly stuck to the middle ground of recent scenarios, although he did express some regret about the Bank’s complacency regarding recent financial stability risks.

There are three more speeches from the Bank of England Governor scheduled this week, so traders will be monitoring any recurring statements in Governor Bailey’s upcoming addresses. His next speech is set for the end of Wednesday, and on Thursday, traders will focus on the UK PMI (Purchasing Managers’ Index) data.

Market expectations suggest a slight decline in UK activity indicators, with the October services PMI forecasted to drop to 52.2 from 52.4 in the previous month.

Recommendations: Monitor the 1.3000 level; if it holds above, consider Buy positions; if it bounces off, consider Sell positions.