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Technical Analysis
Video | Market Technical | Solid ECN
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[QUOTE="SOLIDECN, post: 209784, member: 80239"] [JUSTIFY][img]https://i.ibb.co/rkMZX2L/6.png[/img][/JUSTIFY] [HEADING=1][JUSTIFY]GBP USD - rising inflation in the UK puts pressure on the pound[/JUSTIFY][/HEADING] [JUSTIFY]This week, the GBP USD pair attempted to grow, having risen to the area of 1.2323, but today it has lost its position due to the release of negative UK macroeconomic statistics. The May CPI was 0.7% MoM, slightly higher than the forecast (0.6%), and reached 9.1% YoY, which is a forty-year high. Fuel and food prices increased the most, while the population's purchasing power is declining. Last week, the Bank of England raised interest rates for the fifth time in a row, bringing them to 1.25% but so far, these actions have not had the desired effect. Inflation is increasing and, according to experts, by November, it will be able to exceed 11%, while the tightening of monetary policy increases the risks of a recession. Under these conditions, the US currency looks more attractive, although the economic downturn due to the “hawkish” monetary policy of the US Federal Reserve also threatens this country. Today, the head of the regulator, Jerome Powell, will address the US Congress with a semi-annual report in which he can outline his vision of the immediate economic prospects and further actions of the department. [img]https://i.ibb.co/C1CM6xd/gbpusd.png[/img] [B]Resistance levels[/B]: 1.2450, 1.2695, 1.2940 | [B]Support levels[/B]: 1.2207, 1.1962, 1.1718[/JUSTIFY] [/QUOTE]
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