GPB/USD -With the Death of Queen came the Death of Pound
Diupdate
Throughout 2022 Great British Pound experienced an hell of a ride headed South,
re-visiting 4 Decades Lows.
On September 26/2022,
CME halted Futures Trading for GBP/USD due to extreme volatility .
Worth mentioning, 2023 however,entered on a positive side note for GPB while recovering some of it's previous year losses.
Just recently, The British Pound weakened towards $1.23 from a near six-week high of $1.245 hit on January 23rd,
after weaker-than-expected data underscored the risk of the UK slipping into recession.
The latest PMI survey showed the UK business economic activity fell at its fastest rate in two years in January,
amid rising interest rates, strikes and weak consumer demand due to the rising cost of living.
On the policy front,
Bank of England is set to raise interest rates by half a point to 4.0% at the February's policy meeting
to tackle double-digit inflation
Markets are split on how much further rates will rise beyond that,
while they see the bank rate peaking at around 4.5% by the middle of this year.
Data released last week showed Britain's inflation rate moved further away
from October's 41-year high, but remained well above the central bank's 2% target.
Elsewhere, investors see a less aggressive Federal Reserve following the release of poor US economic data.
TRADE SAFE
* Note that his is not Financial Advice.
Please do your own research and consult your own Financial Advisor before being involved on any trading activity
re-visiting 4 Decades Lows.
On September 26/2022,
CME halted Futures Trading for GBP/USD due to extreme volatility .
Worth mentioning, 2023 however,entered on a positive side note for GPB while recovering some of it's previous year losses.
Just recently, The British Pound weakened towards $1.23 from a near six-week high of $1.245 hit on January 23rd,
after weaker-than-expected data underscored the risk of the UK slipping into recession.
The latest PMI survey showed the UK business economic activity fell at its fastest rate in two years in January,
amid rising interest rates, strikes and weak consumer demand due to the rising cost of living.
On the policy front,
Bank of England is set to raise interest rates by half a point to 4.0% at the February's policy meeting
to tackle double-digit inflation
Markets are split on how much further rates will rise beyond that,
while they see the bank rate peaking at around 4.5% by the middle of this year.
Data released last week showed Britain's inflation rate moved further away
from October's 41-year high, but remained well above the central bank's 2% target.
Elsewhere, investors see a less aggressive Federal Reserve following the release of poor US economic data.
TRADE SAFE
* Note that his is not Financial Advice.
Please do your own research and consult your own Financial Advisor before being involved on any trading activity
Catatan
GBP/USD
*W
Faced Trendline Resistance combined with 200EMA acting as a ceiling
during it's Price Action Uptrend
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GBP/USD -Flirting Resistance *W (idea)
Catatan
GGBP/USD - Approaching Macro Resistance Trendline @ 1.3452
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