GBP/USD Faces Ongoing Decline Amidst Israel-Palestine Tensions..
GBP/USD Faces Ongoing Decline Amidst Israel-Palestine Tensions and Economic Woes
GBP/USD is in the midst of a downward spiral, approaching a seven-month low, as the market mood sours due to the escalating tensions in Israel-Palestine. This dismal sentiment is further exacerbated by a gloomy economic outlook in the United Kingdom. The GBP/USD pair is enduring its third consecutive session of losses as labor market conditions and business activity in the UK are negatively impacted by a decline in new business orders.
As we previously outlined, the price found resistance at the 1.2285 level, coinciding with the 78.6% Fibonacci retracement. It has since embarked on a bearish trajectory, aligning with the prevailing downtrend, and it has reached our initial take profit level at 1.2125. The currency's value may be on the verge of touching our next focal point at 1.2050.
A series of lackluster economic indicators from the UK has cast doubt on the possibility of additional interest rate hikes by the Bank of England (BoE). It is widely expected that the central bank will opt to maintain interest rates at 5.25% to avoid further economic distress. With the risk of pushing the economy into a recession, the BoE is anticipated to favor keeping interest rates steady to shield against additional economic setbacks.
Our Initial Idea:
GBP/USD is in the midst of a downward spiral, approaching a seven-month low, as the market mood sours due to the escalating tensions in Israel-Palestine. This dismal sentiment is further exacerbated by a gloomy economic outlook in the United Kingdom. The GBP/USD pair is enduring its third consecutive session of losses as labor market conditions and business activity in the UK are negatively impacted by a decline in new business orders.
As we previously outlined, the price found resistance at the 1.2285 level, coinciding with the 78.6% Fibonacci retracement. It has since embarked on a bearish trajectory, aligning with the prevailing downtrend, and it has reached our initial take profit level at 1.2125. The currency's value may be on the verge of touching our next focal point at 1.2050.
A series of lackluster economic indicators from the UK has cast doubt on the possibility of additional interest rate hikes by the Bank of England (BoE). It is widely expected that the central bank will opt to maintain interest rates at 5.25% to avoid further economic distress. With the risk of pushing the economy into a recession, the BoE is anticipated to favor keeping interest rates steady to shield against additional economic setbacks.
Our Initial Idea:
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