The GBPUSD had another volatile week of results the past five days of trading: Trading Forecast Forex
While some traders may believe this had a lot to do with the ‘turnaround’ of the Liz Truss Tory government, they might be wrong. The U.K government essentially backed away from its proposed tax policy when it came under a large amount of criticism. Prime Minister Liz Truss reversed from her stated convictions within the span of a handful of days; this did not win many fans among financial institutions.Before going into this past weekend, the GBP/USD was trading almost politely near the 1.
The notion that the U.S Federal Reserve will hike its interest rate by another 0.75% in November has become an anticipated possibility.Technical traders may feel compelled to scream at this juncture during the reading of this article, but one more fundamental problem exist, inflation. The 1.10000 level for the GBP/USD may work as an important psychological indicator for speculators. If this juncture is broken lower, traders should be prepared for the potential of the GBP/USD then testing the 1.09000 to 1.08500 ratios. While trading below this mark may feel like the selling is too strong, we have seen this selling ‘show’ from the GBP/USD recently.
Traders are correct to wonder where support will start to prove durable. Perhaps the 1.10000 level will prove to be strong, but if nervous conditions persist, Crude Oil prices remain elevated and global equities suffer, the GBP/USD could sink lower.
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