GBPUSD is poised to fall below the 1.2800 mark
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In general, GBPUSD has experienced significant volatility, with prices sliding below the 1.2818 level. It is currently trading below the resistance level at 1.2845, after hitting 1.2795, marking a 0.03% increase for the day. So you may wonder why the price is declining.
Regarding the influencing factors: Lower bets on an interest rate cut from the Bank of England are weighing on the British Pound. Investors are awaiting UK labor market data and US CPI inflation data on Tuesday for fresh impetus.
Regarding the new outlook for GBPUSD: On the 1-hour chart, GBPUSD is currently receiving strong support around the 1.2800 level. Breaking below this level would lead to a significant price decline, while maintaining this level would result in a price increase. It is expected that the price will turn downwards after the rally and reach the upper limit of the ascending channel.
In general, GBPUSD has experienced significant volatility, with prices sliding below the 1.2818 level. It is currently trading below the resistance level at 1.2845, after hitting 1.2795, marking a 0.03% increase for the day. So you may wonder why the price is declining.
Regarding the influencing factors: Lower bets on an interest rate cut from the Bank of England are weighing on the British Pound. Investors are awaiting UK labor market data and US CPI inflation data on Tuesday for fresh impetus.
Regarding the new outlook for GBPUSD: On the 1-hour chart, GBPUSD is currently receiving strong support around the 1.2800 level. Breaking below this level would lead to a significant price decline, while maintaining this level would result in a price increase. It is expected that the price will turn downwards after the rally and reach the upper limit of the ascending channel.
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