The GBP/USD pair remains on the defensive during the early Asian session on Wednesday.
GBP/USD extends its downside around 1.2140 ahead of key events. Federal Open Market Committee is expected to hold the rate unchanged at its November meeting while holding a hawkish stance. Bank of England is anticipated to keep rates steady amid the fear of potential recession in the UK. The FOMC and BoE meetings will be in the spotlight ahead of the US Nonfarm Payrolls data. The major pair faces rejection near the 1.2200 mark.
Following the meeting, BoE governor Andrew Bailey might offer some hints about the latest forecasts for the UK economy and the future of monetary policy. The weaker UK data and stubborn inflation exert pressure on the British Pound and act as a headwind for the GBP/USD pair. Additionally, the elevated geopolitical risks in the Middle East might boost safe-haven flows and benefit the Greenback.
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