Nov 3 (Reuters) - GBP/USD has tended to struggle in the month of November, falling in well over half of them this century, and this year may not differ.

GBP/USD performance for each November since 2000 shows it has fallen in 15 of the last 26 years, or 58% of the time. Seasonality should not be considered in isolation, but it's a useful tool combined with other factors.

The pound is broadly steady against the dollar as investor attention shifted from last week's UK budget to an expected Bank of England rate hike on Thursday, the central bank's first since August 2023.

However, the long upper shadows on the Friday and Monday daily GBP/USD candles points to a rejection of the upside, which could foreshadow a near-term pullback if buyers fail to regain control.

There is scope for cable losses to retest last Wednesday's 1.3274 low, a break below which would unmask 1the 2026 1.3137 low, posted in October.
Daily Chart


Seasonality Chart

(Martin Miller is a Reuters market analyst. The views expressed are his own)