Turmoil in US stock indexes will lead to declines.
Updated
The focus is on the impending publication of the UK's third quarter GDP data, which is expected to influence the Bank of England's (BOE) monetary policy in December. Prime Minister Swati Dhingra is considering the possibility of cutting interest rates if growth numbers do not meet expectations.
UK economic activity was weighed down in the third quarter by factors including a fall in consumer spending, a slump in the services PMI, weak property demand and a decline in employment. This situation has kept the GBP/USD pair stable around 1.2300 despite the drop in US Treasury yields after three consecutive days of negative closes.
On the same day, market attention also turned to potential USD influencers. These include new jobless claims data released weekly by the U.S. Department of Labor and the tone of Federal Reserve Chairman Jerome Powell's speech to the IMF board. Powell's dovish tone could have a significant impact on the USD, leading to a weaker USD and supporting a GBP/USD recovery.
In addition to these trends, the crypto market trends at the end of the year are bullish. This trend is reinforced by a sharp decline in his VIX index (HM:VIX), indicating rising risk sentiment as the market awaits his Fed's expected monetary policy decisions. .
On Wednesday, November 8, 2023, GBP/USD recorded its third consecutive negative closing price. The pair is stable near 1.2300, a level that could attract technical buyers if confirmed as support. Despite downward pressure on the USD from falling US bond yields, market caution is preventing a full recovery in GBP/USD.
UK economic activity was weighed down in the third quarter by factors including a fall in consumer spending, a slump in the services PMI, weak property demand and a decline in employment. This situation has kept the GBP/USD pair stable around 1.2300 despite the drop in US Treasury yields after three consecutive days of negative closes.
On the same day, market attention also turned to potential USD influencers. These include new jobless claims data released weekly by the U.S. Department of Labor and the tone of Federal Reserve Chairman Jerome Powell's speech to the IMF board. Powell's dovish tone could have a significant impact on the USD, leading to a weaker USD and supporting a GBP/USD recovery.
In addition to these trends, the crypto market trends at the end of the year are bullish. This trend is reinforced by a sharp decline in his VIX index (HM:VIX), indicating rising risk sentiment as the market awaits his Fed's expected monetary policy decisions. .
On Wednesday, November 8, 2023, GBP/USD recorded its third consecutive negative closing price. The pair is stable near 1.2300, a level that could attract technical buyers if confirmed as support. Despite downward pressure on the USD from falling US bond yields, market caution is preventing a full recovery in GBP/USD.
Note
GBPUSD SELL 1.2225 - 1.2245TP1 1.2200
TP2 1.2190
SL 1.2270
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