![]() It has remained below the 25-period and 50-period exponential moving averages (EMA). The GBP/USD pair has been in a strong bearish trend in the past few weeks. While inflation remains high, the bank’s governor believes that more rate hikes will likely lead to more economic weakness. The Bank of England will likely leave rates unchanged when it concludes its September meeting on Thursday. ![]() Economists polled by Reuters expect the data to reveal that the country's inflation remained above the 2% target in August as energy prices rose. In the UK, the Office of National Statistics (ONS) will first publish the latest consumer and producer inflation data on Wednesday. With UAW workers in strike, analysts expect that the Federal Reserve will maintain its interest rates intact between 5.25% and 5.50%. The Federal Reserve and the Bank of England (BoE) will be the key events to watch this week. Consumer confidence has risen, leading to higher retail sales in the country. Home prices have held quite well, helped by the rising demand and low supplies. As a result, home prices are dropping at the fastest pace in years. Most of the country’s sectors like industrial production, retail sales, energy, and real estate are all growing at a slower pace. Its unemployment rate stands at 4.3% while the UK has a rate of 3.8%. The most recent numbers showed that the British economy was recovering at a slower pace than the UK. ![]() The GBP/USD exchange rate has been in a freefall in the past few months as the UK and US recovery diverges. ![]() It has dropped by almost 6% from the year-to-date high. The GBP/USD pair slipped to 1.2377, the lowest level since June 5th. The British pound’s sell-off continued as the price of crude oil and the US dollar index rally gained steam. Set a sell-stop at 1.2360 and a take-profit at 1.2300.Buy the GBP/USD pair and set a take-profit at 1.2446.Read full review Get Started Bullish view ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |