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When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. Important Disclaimers The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. Keep in mind that the risk appetite is still in a state of flux, so that will continue to cause a bit of volatility in this currency pair, as well as many others.įor a look at all of today’s economic events, check out our economic calendar. If we were to break down below there, then it’s likely that the British pound will really start to break down, perhaps opening up the possibility of a bullish run for the US dollar. This is an area that defines the trend, so therefore as long as we can stay above there, we should be in decent shape. Ultimately, I do think that people will look for some type of value on a dip, and therefore it’s worth noting that a lot of traders will probably be looking to take advantage of cheap British pounds.Įven if we break down below the 50-Day EMA, there is still a significant amount of noise underneath it that could come into play to offer support, extending all the way down to the 200-Day EMA, which sits at the structurally important 1.2350 level. All things being equal, this is a market that continues to be very noisy, and therefore it’s not a huge surprise to see a little bit of a pullback. Keep in mind that the Bank of England has further to go fighting inflation, while people are starting to bet that the Federal Reserve only has 50 more basis points worth of tightening coming.
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