$GBPUSD Continues to Meander Just Below $1.20
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Quite frankly, the British economy looks as if it’s going to have a very difficult winter ahead of it, as even the Bank of England has stated that they are expecting a two-year recession.rallied just a bit during the trading session on Tuesday as we continued to meander just below the $1.20 level. This is an area that obviously would have a certain amount of psychology attached to it, but it’s also an area that had been imported previously.
The market has quite aggressively recovered from the massive selloff that previously had been part of the dip to the sub-1.05 level.Keep in mind that the major selloff had to do with a budget that was proposed by the previous PM, who of course has left office. Since then, we have seen the British pound pick up about 10 handles, which of course is a very strong move. However, we have not broken the downtrend and the downtrend is there for a reason.
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