GBP/USD continues to slide below 1.2000 and the coil – by fx_ross GBPUSD Currencies BOE Technical Analysis China
GBP/USD is breaking out of a coil which is significant.At the time of writing, GBP/USD is down some 0.9% falling to a low of 1.1976 from a high of 1.2111. Risk currencies, such as the, are under pressure as protests against COVID restrictions in China knocked market sentiment.
The Old Lady has been trying to combat soaring inflation without damaging the economy too much in the process. ''Inflation pressures will remain elevated during 2023, forcing the Bank of England to deliver further hikes,'' analysts at Danske Bank explained. ''We do however see the peak rate well below market pricing and we expect the first cut to be delivered during 2024.''Meanwhile, Federal Reserve speakers will be key this week.
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