GBP/USD Forex Signal: Sterling is Ripe for a Bearish Breakout – 11 November 2024
Bearish View
-- Sell the GBP/USD pair and set a take-profit at 1.2850.
-- Add a stop-loss at 1.3050.
-- Timeline: 1-2 days.
Bullish View
-- Set a buy-stop at 1.2950 and a take-profit at 1.3050.
-- Add a stop-loss at 1.2850.
The GBP/USD exchange rate remained under pressure after the
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BoE and Fed Interest Rate Cuts
The GBP/USD pair continued their downtrend after the
The bank also committed to maintaining its data-dependence when determining whether to cut rates in the following meetings.
That meeting came a few days after the US published weak nonfarm payrolls (NFP) data. According to the
The Fed’s decision came on the same day that
The GBP/USD pair also reacted to the recent
The bank sounded more cautious as officials warned that inflation was still a big concern. As such, they expect to maintain a gradual pace of cuts.
Looking ahead, the US will publish the latest consumer inflation data on Wednesday. Economists expect the data to show that the headline and core CPI numbers retreated slightly in October.
The key
GBP/USD Technical Analysis
The GBP/USD pair remained under pressure ahead of the upcoming US inflation data. It has slumped below the lower side of the rising broadening wedge pattern, one of the most bearish signs in the market.
[graph_5756] ;
The pair has moved below the 25-day and 50-day moving averages. Also, the pair has formed a bearish pennant pattern. The MACD indicator has also remained below the zero line.
Therefore, the pair will likely continue falling as bears target the key support at 1.2820. This view will be invalidated if it rises above the key resistance at 1.3050.
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