Dear friends, The British Pound (GBP) has encountered buying pressure after the UK's Office for National Statistics (ONS) reported that inflation in September remained higher than expected. The GBP/USD pair may overcome difficulties as the stalled inflation report raises the possibility of further tightening of monetary policy by the Bank of England (BoE) in its November monetary policy meeting.
Currently, the GBP is still attempting to recover but is facing challenges as it approaches the resistance level at 1.223. The target for this downward movement is still highly regarded at 1.203. What are your thoughts on GBPUSD?
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The consequences of high inflationary pressures are expected to further depress the UK's housing sector, which is already struggling to gain a foothold due to rising borrowing costs.