GBP/USD trades near 1.32 amid policy divergence and mixed data, with the pair rangebound after failing to sustain moves above 1.34. The Federal Reserve’s recent rate path—holding near 3.75-4.00% with dot-plot signals favoring additional hikes by year-end—has supported the dollar via higher Treasury yields, while the Bank of England maintains its 3.75% Bank Rate with a 6-3 split and markets pricing limited near-term easing. Persistent UK inflation risks above 3%, elevated energy prices from geopolitical tensions, and softer U.S. labor readings create offsetting pressures on relative rate expectations. Key near-term catalysts include the BoE’s November 5 decision and upcoming U.S. inflation and payroll releases, which will shape implied odds for any end-2026 breakout.