GBP/USD bulls take a breather around 1.1330 with eyes on US Retail Sales, Michigan CSI – by anilpanchal7 GBPUSD RiskAppetite Politics BOE Fed
A slight clarity on the UK government’s mini-budget, as well as the US dollar’s broad declines, could be linked to the quote’s latest run-up. On the same line were the hopes of the Bank of England’s hawkish move.
On Thursday, UK Finance Minister Kwasi Kwarteng told BBC that he is focused on delivering on the mini-budget to get growth going again. On the same line, Prime Minister Liz Truss’ office also confirmed no more U-turns from the mini-budget. It’s worth noting that UK Chancellor Kwarteng’s surprise cancellation of the speech and passing the buck on theThat said, the quote rallied the most in a fortnight despite the 40-year high print of the US Core Consumer Price Index .
Moving on, the risk catalysts are likely to direct immediate GBP/USD moves as there are more challenges to the latest run-up. Among them are the hawkish Fed bets, fears of UK markets’ collapse and the fresh covid fears. However, major attention will be given to the US Retail Sales for September, the preliminary readings of the Michigan Consumer Sentiment Index and the University of Michigan’s 5-year Consumer Inflation Expectations for October.Technical analysis
Despite crossing the 21-DMA hurdle, now immediate support around 1.1160, a monthly resistance line, close to 1.1390 by the press time, challenges the GBP/USD buyers.
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