$GBPUSD Forex Signal: Bearish Sentiment Amid Yield Curve Inversion
It slipped to the psychologically important support level at 1.2000, which was slightly lower than this month’s high of 1.2155.The GBP/USD price pulled back as the market focused on the ongoing yield curve inversion.
Global bond yields have also inverted. The average yield of a sovereign debt that matures in ten years has moved below the one maturing in two years. Historically, a yield curve inversion is usually a sign of a recession. The GBP/USD pair also retreated after the relatively positive US consumer confidence data. According to the Conference Board, consumer confidence dropped from 102.2 in October to 100.2 in November. The decline was better than the median estimate of 100.0.
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