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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="Solid ECN, post: 208400, member: 83167"] [JUSTIFY][img]https://i.ibb.co/kBFFqS1/gbpusd-forum-2.png[/img] [B]The pair may continue to decline[/B] Against the backdrop of a depreciation of the American currency, the GBPUSD pair is correcting within the local trend around 1.2343. Today the pressure on the pound may be exerted by data on the labor market in the UK for April. According to statistics, the unemployment rate was 3.7%, down from 3.8% in March. The level of labor productivity remained around 0.7%. It is worth noting another reduction in the number of applications for unemployment benefits, which decreased by 56.9K, after a decrease of 46.9K a month earlier. Thus, it becomes obvious that the growth rate of the UK economy is not as high as previously expected, which negatively affects the national currency. The main driver of yesterday's asset growth was the US dollar, which in the index fell by half a point, reaching 104.200 amid the publication of a renewed forecast for the growth of the US economy for 2022 and 2023. According to the new forecast of The Goldman Sachs Group Inc., due to the serious tightening of monetary policy, GDP for 2022 was lowered to 2.4% from 2.6% in the previous forecast, and GDP for 2023 was lowered to 1.6% from 2.2% before. Also, investors could react negatively to the NY Empire State report, according to which the index of manufacturing activity in the US fell to 11.60 points in May from 24.60 points in April. [img]https://i.ibb.co/C2dTHv9/gbpusd.png[/img] The asset has left the global downstream channel and is currently completing a reverse test of the passed support. Technical indicators keep a sell signal: indicator Alligator's EMA fluctuations range is still quite wide, and the histogram of the AO oscillator is trading deep in the sell zone. Resistance levels: 1.245, 1.3 | Support levels: 1.216, 1.19[/JUSTIFY] [/QUOTE]
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