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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 345860, member: 104606"] [B][SIZE=5]Volatility in the Pound Is Rising, the Euro is Consolidating[/SIZE][/B] [img]https://i.imgur.com/Jq30y3e.jpeg[/img] [B][SIZE=5]GBP/USD[/SIZE][/B] At the end of last week, the British currency fell sharply, testing a significant support level at 1.2300. The resumption of the downward trend for the pair became possible after some statements by British officials: On Wednesday, Bank of England Governor Andrew Bailey said he expects a strong decline in inflation from next month. Dave Ramsden, Deputy Chairman of Markets and Banking, was also quite optimistic, noting that the recently published UK core CPI data was nothing more than a “glitch” in the deflationary process, and risks to sustainability and domestic inflationary pressures were beginning to recede. After such statements by British officials, expectations for a rate cut on the pound shifted to August, and since the Fed does not plan to cut the rate before September, the GBP/USD pair continues to suffer losses. GBP/USD technical analysis indicates further development of the downward trend, as the price has consolidated below the alligator lines on higher time frames, the AO oscillator is red and below zero. At the same time, before a new downward impulse, a corrective growth in the direction of 1.2420-1.2400 is possible. If pound sellers manage to refresh the recent low at 1.2300, the pair could test 1.2220-1.2140. [img]https://i.imgur.com/5VtXcUN.png[/img] [B][URL="https://fxopen.com/blog/en/ru-volatility-in-the-pound-is-rising-the-euro-is-consolidating/?utm_source=trendriforum&utm_medium=analysis&utm_campaign=resolve"]TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice. [/I] [/QUOTE]
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